Public

Papademos said the October 26 bailout, worth 130
billion euros ($177 billion), calls for austerity
measures but "will ensure the financing of Greece
over the following years and the completion of the
effort of the economic recovery."

Papademos said work should get under way
"immediately, at a very high pace," with the first
priority being to secure disbursement of the next
tranche of bailout money from a 2010 bailout
package by no later than December 15 to ensure the
government can pay its bills.
In addition to the new austerity measures, his
government must also implement promises made by
the previous administration in relation to the 2010
bailout, including privatizations of state-run firms
and cuts to the public sector.

Public anger over the cuts led Papandreou to propose
a referendum on the new bailout plan, triggering
anger among Greece's European partners and
political turmoil at home.