Oct. 31 (Bloomberg) -- Greece needs to implement measures agreed in exchange for a new financing package put together at a European Union summit last week or it may find its aid cut off, Finance Minister Evangelos Venizelos said.
“If we don’t succeed in executing the 2011 budget, if we don’t energetically execute the 2012 budget, everything will be put in doubt again,” Venizelos wrote in an article published in Ta Nea today. “The country needs to get organized from scratch. We have to rewrite its basic rules, the social contract that acts as the foundation for every state.”
EU leaders agreed on a package of measures for Greece in the early hours of Oct. 27, including 130 billion euros ($183 billion) in official financing, and private sector bondholders accepting losses on their debts amounting to about 100 billion euros.
The new package will be jeopardized if Greece fails to implement austerity measures agreed with the EU and International Monetary Fund, Venizelos said.
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