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Greek situation is 'critical' : finance minister

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Greek situation is 'critical' : finance minister

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Greek Finance Minister Evangelos Venizelos has reiterated that Greece must continue to cut spending.

In a meeting with the country’s president, Venizelos said Athens has to meet its obligations to creditors and avoid defaulting on its debt as Argentina did in 2002.

“The situation is extremely critical and I could say dangerous. There is great nervousness in the eurozone, the European banking system and the world economy,” he said.

Venizelos unveiled new measures on Wednesday to slash pensions and public sector pay packets further. His announcement sparked a twenty-four-hour public transport strike and protests in the street.

The austerity drive aims to meet the conditions of an EU and IMF bailout and keep emergency loans flowing.