Greece's cabinet has approved fresh austerity measures demanded by the eurozone and IMF in return for a 130bn-euro ($170bn; £110bn) bailout.

The draft bill must now be passed by the Greek parliament and approved by European finance ministers.

Five ministers have resigned from the government over the issue, with one junior party in the coalition saying the demands were "humiliating".

Unions began a 48-hour strike on Friday with protesters clashing with police.

Prime Minister Lucas Papademos has warned the country faces "uncontrolled economic chaos" if it fails to agree spending cuts and defaults on its debts.

"We cannot allow Greece to go bankrupt," he told his cabinet, saying it was an "hour of historic responsibility".

"A disorderly default would plunge our country in a disastrous adventure," he said.

http://www.bbc.co.uk/news/world-europe-16992702

Greece is facing an acute political and social crisis this weekend as the bankrupt state prepares to decide whether it can stay in the single currency.

As riot police clashed with protesters on the streets of Athens, and five ministers resigned in protest at the scale of the spending cuts demanded in return for a new €130bn (£108bn) bailout, Evangelos Venizelos, the Greek finance minister and socialist leader, said the country had until Sunday to choose whether to swallow the eurozone medicine of more cuts – or default on its debt next month and be forced out of the euro.

In an emotional speech he said: "The choice we face is one of sacrifice or even greater sacrifice – on a scale that cannot be compared. Our country, our homeland, our society has to think and make a definitive, strategic decision. If we see the salvation and future of the country in the euro area, in Europe, we have to do whatever we have to do to get the programme approved."

http://www.guardian.co.uk/world/2012/feb/10/greece-crisis-bailout-euro-default

Rioters set fire to buildings and battled police in downtown Athens as the Greek Parliament prepared to vote on Prime Minister Lucas Papademos's $160 billion austerity package to avert the nation's collapse.

Up to seven buildings - including a Starbucks cafe, a bank and a cinema, as well as other stores in downtown Athens - were set on fire, a fire department spokesman said, speaking on the condition of anonymity in line with official policy.

Greece's parliament has passed a controversial package of austerity measures, demanded by the eurozone and IMF in return for a 130bn-euro ($170bn; £110bn) bailout to avoid default.

Coalition parties expelled over 40 deputies for failing to back the bill.

The vote came amid some of the worst violence seen in Greece in years.

Protesters outside parliament threw stones and petrol bombs, and police fired tear gas. Several people were injured and buildings were set on fire.

PM Lucas Papademos urged calm, saying violence had no place in a democracy.

Lawmakers have also approved a related deal to write off 100bn euros of Greek debt held by private banks.

http://www.bbc.co.uk/news/world-europe-17007761

The Greek people have been pushed to the limit by austerity measures demanded by the EU and IMF, the country's public order minister says.

Christos Papoutsis said Greece had made "superhuman" efforts to comply, and the people "can't take any more".

Eurozone chiefs cancelled a meeting with Greek officials earlier, demanding further cuts and reassurances.

International lenders have told Greece to make huge cuts in return for a 130bn euro ($170bn, £109bn) bailout package.

The Greek parliament approved an austerity package on the weekend, despite violent protests sweeping the country.

But eurozone ministers have demanded a further 325m euros of cuts.

http://www.bbc.co.uk/news/world-europe-17037267

As a second-generation Greek Australian like Con Vaitsas (Letters, February 14), I do not have too much sympathy for what has happened to Greece economically.

For as long as I can remember all my friends and relatives living in Greece have always made of fun of us here in Australia with remarks such as, "I can't believe you pay so much tax", "I cannot believe you work so many hours" and so on. Well he who laughs last laughs best. The past has caught up with them. Unfortunately, it is the poor and underprivileged who will suffer the most.

Spiro Anemogiannis Kangaroo Point

Read more: http://www.smh.com.au/national/letters/media-as-sidetracked-as-labor-by-leadership-row-20120215-1t73g.html#ixzz1mUX2ur3V

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Meanwhile at greek scissorhead..:

Greek party leaders have met the final two demands set for a joint European Union/IMF bailout, paving the way for a deal to be announced early next week, the country's finance minister said.

Evangelos Venizelos said cabinet has decided how to plug a 325-million-euro ($396 million) gap in the 3.3 billion euros of extra budget savings which the EU and IMF are demanding in return for the 130-billion-euro rescue.

http://www.abc.net.au/news/2012-02-16/greece-finds-budget-cuts-needed-for-bailout/3833176

THIEVES have stolen artefacts of "incalculable" value from a museum in Ancient Olympia – the second major robbery in a month to suggest that austerity cuts are putting Greece's cultural wealth at risk.

AFP reports that two masked armed robbers stole 68 exhibits from a museum dedicated to the Olympic Games of antiquity.

Thymios Kotzias, the mayor of Olympia, said: "There were two of them, and they had a gun. They immobilised the guard as the shift changed at 7am, having previously knocked out the alarm.

"We must wait and see what the local archaeology supervisor will say, but the items were of incalculable value."

The museum targeted is Ancient Olympia's second, smaller, museum, which is not guarded between 6-7am. Exhibits on show there include clay vessels and bronze discs used in the events, as well as bronze statues of athletes.

Read more: http://www.theweek.co.uk/europe/euro-debt-crisis/45444/relics-incalculable-value-stolen-ancient-olympia#ixzz1mfjSfesC

Not only the US banks have stolen the greater loot by making some illegal unmanageable loans to Greece, others crooks are more direct... The stolen artifacts, of course, are likely to end up in the hands of rich US "private collectors"...