Papademos Warns Greek Economic Collapse Looms Without Cuts
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Prime Minister Lucas Papademos told Greeks that cuts in income are the only way to stay in the euro and get more financing from international creditors to avert an economic collapse that may otherwise come as soon as March.
“We have to give up a little so we don’t lose a lot,” Papademos said, according to an e-mailed transcript of his statements to union and business leaders yesterday. Talks later this month with officials from the European Union, the International Monetary Fund and the European Central Bank, the so-called troika, will focus on a “credible” economic plan for 2012 to 2015.