Greek Prime Minister George Papandreou faces his second survival test in a week as lawmakers vote on a five-year austerity plan that must pass for the cash- strapped nation to secure more international aid.
Failure to pass Papandreou’s plan may lead to the euro area’s first sovereign default as Greece needs to cover 6.6 billion euros ($9.4 billion) of maturing bonds in August. The week begins with governments and banks jostling over how private investors can support Greece and will end with another round of crisis talks as Europe’s finance ministers meet in Brussels.
businessweek
