Refusing to approve the austerity requirements set out as part of the emergency funding deal would result in Greece’s immediate default warned a top European Union official. Olli Rehn issued the statement as protesters took to the streets to demonstrate against the measures in an attempt to convince Greek politicians to reject the passage of the bill to cut spending and raise taxes.

“The only way to avoid immediate default is for parliament to endorse the revised economic program … They must be approved if the next tranche of financial assistance is to be released,” Rehn said. “To those who speculate about other options, let me say this clearly: there is no Plan B to avoid default.”

Source: Reuters

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