Greek Leaders Warn of Default

    A protester wearing a Greek flag sits in front of riot police during a rally outside the Greek Parliament in Athens, Saturday, Feb. 11, 2012. The leaders of the two parties backing Greece's coalition government called on their deputies Saturday to back legislation that calls for harsh new austerity measures - essential if Greece is to get a new bailout deal worth euro 130 billion ($171.6 billion) and stave off bankruptcy. (AP Photo/Thanassis Stavrakis)

    Thanassis Stavrakis / AP Photo

    In the midst of a two-day strike, Greek leaders warned a “dangerous, unknown” path is ahead if an agreement is not reached over the deeply unpopular European Union and International Monetary Fund bailout. “The consequences of a disorderly default would be incalculable for the country—not just for the economy,” said Deputy Finance Minister Filippos Sachinidis. Parliament will vote Sunday over the 3.3 billion euros in deep austerity cuts proposed in the 130v billion euro bailout that Greece desperately needs to avoid default—which could result in the country being removed from the euro regime. While Prime Minister Lucas Papademos has a majority, six cabinet members have resigned in protest and a number of lawmakers have said they are planning on voting against the deal. German Chancellor Angela Merkel warned Friday that there will be “uncontrollable consequences” for the euro zone should Greece default.

    Read it at Reuters