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Canada Goose online Greece backs first austerity package

canada goose clearance ATHENS (Reuters) Greece approved the first of two austerity measures on Wednesday despite worsening street violence, in a vote vital to winning fresh international aid so it can pay its debts on time and stave off bankruptcy.

canada goose clearance sale A protester walks away from a burning van during violent protests in Athens‘ Syntagma square, June 29, 2011. REUTERS/Yannis Behrakis

Canada Goose Parka Lawmakers voted by canada goose factory sale a clear margin for the five year Canada Goose sale framework of $28 billion in spending cuts, tax rises and state asset sales, handing Canada Goose Coats On Sale a 155 138 vote victory to Prime Minister George Papandreou.

must avoid the country collapse at all costs. Now is not the time to step back, the Socialist premier told lawmakers just before the vote.

canada goose deals The solid margin suggested the government should be able to push through a second package of laws on Thursday, implementing the specific budget measures and asset sales. This would clear the last obstacle to release Canada Goose Jackets of 12 billion euros ($17.3 billion) of emergency loans from the International Monetary Fund and European Union, which are essential to meet debt payments by mid July.

canada goose black friday sale Relief that Greece could avert sovereign default buoyed financial markets. Treasuries and world canada goose uk black friday stocks advanced for the third straight day. The euro rallied 0.4 percent to trade around $1.4430.

buy canada goose jacket But optimism was muted. It remains cheap Canada Goose unclear whether the government will be able to actually implement the deeply unpopular cuts required to meet a tight schedule imposed by the EU and IMF before the next round of bailout funds are needed.

buy canada goose jacket cheap Outside parliament, there were clashes between stone throwing masked youths and riot police, who fired clouds of tear gas from behind steel crash barriers to keep rioters at bay. Fires broke out in buildings and a party spokesman said a metro station was gas chamber.

One group of anarchists armed with staves and iron bars attacked finance ministry offices just off Syntagma Square in central Athens, smashing windows at the entrance and on higher floors. A post office on the ground floor of the building was set on fire, sending acrid grey smoke billowing into the sky.

Canada Goose Jackets In cat canada goose clearance and mouse clashes with police, rioters erected makeshift barricades with benches, chairs and garbage bins on the fringes of the canada goose coats square, where thousands of peaceful protesters demonstrated against the Canada Goose online austerity plan.

Canada Goose Outlet Riot police detain a demonstrator during a protest in Athens‘ Syntagma (Constitution) square, June 29, 2011. REUTERS/Yiorgos Karahalis

BRAVE VOTE Chancellor Angela Merkel of Germany, Europe reluctant paymaster and the main contributor to the bailout of Greece, was quick to praise the vote. But Finance Minister Wolfgang Schaeuble stressed the importance uk canada goose of these (measures) with resolve in the coming weeks, months and years.

canada goose The presidents of the European Council and the European Commission, Herman van Rompuy and Jose Manuel Barroso, said in a joint statement cheap canada goose uk that Greece had taken vital step canadian goose jacket back from the very grave scenario of default.

canada goose store However, many economists and investors still expect Greece to default in the medium term because its 340 billion euro pile of sovereign debt is so huge, about 150 percent of the country annual economic output. A senior German ruling coalition politician, Free Democratic floor leader Rainer Bruederle, said on Wednesday that a debt restructuring was inevitable.

Despite a threat by trade unions staging a 48 hour general strike to prevent lawmakers entering the colonnaded parliament building, deputies were Canada Goose Online able to reach the chamber. Strikes and sporadic violence have not blown the government off course so far, Canada Goose Outlet but its approval rating has plunged canada goose clearance sale in recent months.

Only one deputy in the ruling PASOK party voted against the plan and was immediately expelled from the party canada goose coats on sale by Papandreou. At least one opposition deputy broke ranks with the main conservative New Democracy party and voted

canada goose coats on sale In May last year Greece signed a 110 billion euro bailout deal with the EU and the Canada Goose Parka IMF, which later jumped in to keep Ireland and Portugal afloat as the euro zone reeled from high government debt in the canada goose wake of the global financial crisis.

If buy canada goose jacket Greece fiscal legislation passes on Thursday, euro zone finance ministers meeting canada goose uk shop in Brussels on Sunday are expected to agree to release their part of the next aid tranche, with the IMF following on July 5.

Canada Goose sale Slideshow uk canada goose (32 Images)

NEXT PACKAGE canada goose uk outlet Attention will then switch to putting together a second and longer term rescue package for Greece of about the same magnitude as the initial 110 billion euro bailout.

The new program would involve some 30 billion euros in private sector participation via a rollover of maturing Greek debt by banks, a similar sum from Greek privatization revenues, and an expected 55 billion canada goose black friday sale euros in new official funding.

canadian goose jacket Banking sources said politicians and commercial bankers were confident that credit rating agencies would accept a French proposal for a voluntary private sector rollover of Greek debt without triggering a default or a payout of credit insurance, which could have vast ripple effects in financial markets.

canada goose coats The agencies have made no public comment on the plan, details of which are still under negotiation. uk canada goose outlet It also will need the approval of the European Central Bank, and its policymakers canada goose store were cautious in their reactions. Germany buy canada goose jacket cheap Juergen Stark rejected on Wednesday any scheme that involved EU guarantees of bonds, saying it would breach European treaty rules.

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