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Finance Minister Says Greece Averted 'Nightmare Scenario'

Greek Finance Minister Evangelos Venizelos
Greek Finance Minister Evangelos Venizelos says his country has avoided a “nightmare scenario” by agreeing to a 130 billion euros ($170 billion) bailout deal.

The cabinet was meeting on February 21 to discuss how to pass the reforms stipulated by international lenders, which include huge spending cuts and beefed-up monitoring by eurozone officials.

The country has just over a week to approve a round of spending cuts of more than 3 billion euros tied to the bailout.

Trade unions have called strikes and protests for February 22.

Opinion polls suggest that the two parties in the coalition which are dominating parliament are facing huge losses at the next election, scheduled for April.

Greece has already been through a massive austerity program in return for an earlier bailout.

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