Greek PM warns of default chaos

2012-01-04 22:02

Athens  - Greece's prime minister says his debt-crippled country faces a disorderly default in March if it fails to secure a continued flow of international rescue loans.

Prime Minister Lucas Papademos says decisions made in the next few weeks, ahead of a new visit by international debt inspectors, will determine whether Greece will remain in the 17-nation eurozone or revert to its pre-2002 currency, the drachma.

According to a transcript from his office, Papademos told union leaders and employer representatives on Wednesday that Greece's international creditors have called for a re-examination of labour costs to boost lagging competitiveness and fight high unemployment.

He warned that, unless significant reforms are made, Greece will not receive its next installment of rescue funds.

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Read more on:    lucas papademos  |  greece  |  europe debt crisis
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