Greek PM Willing to Hold Referendum on Spending Cuts

Posted June 6th, 2011 at 8:25 pm (UTC-5)
Leave a comment

Greek Prime Minister George Papandreou says he is willing to put the question of more spending cuts and other austerity measures before the voters.

Mr. Papandreou told his Cabinet Monday that he is seeking the widest possible consensus for his plans and is open to holding a referendum.

As of now, the prime minister is looking for support from members of his own government for billions of dollars in spending cuts and tax hikes as demanded by the European Union.

Some members of the ruling Socialists are lukewarm to the idea while tens of thousands of ordinary Greeks have been holding daily protests — livid that they are being asked to make more sacrifices.

The EU is considering another economic bailout for Greece after last year's joint rescue package with the International Monetary Fund did little to help Greece emerge from its massive debt.