After a May Day of protests across Greece to demonstrate against a proposed raft of austerity measures. The Prime Minister George Papandreou is preparing to announce a series of hard-hitting cost-cutting measures totalling some 24 billion euros, which will include freezing public-sector salaries, raising taxes and slashing pensions to secure access to an IMF/euro zone aid package worth 120 billion euros.
Euro zone finance ministers are due to discuss the situation later today , the French Economy Minister is Christine Lagarde:
“We noted the negotiations in progress at the moment between the (EU) Commission, the IMF and the Greek government. Clearly there is good progress underway, and I certainly hope that it will be conclusive before the end of the weekend”
Thousands took to the streets of the capital Athens in a largely peaceful protest however, groups confronted police, threw Molotov cocktails and set two TV broadcast vans alight.