(http://yle.fi/ecepic/archive/00406/olli_rehn_eu_euroop_406026b.jpg)
European Economic and Monetary Affairs Commissioner Olli Rehn says that there is no back-up plan in the works to aid bankruptcy-threatened Greece. According to Rehn, the Greek parliament needs to pass the austerity package or else face default.
If the Greek parliament passes the tough austerity measures this week, it will receive the next tranche of the current bailout package—12 billion euros— from the EU and the IMF. Without the funds, Greece will default on its loan payments due next month.
"To those who speculate about other options, let me say this clearly: there is no Plan B to avoid default," Rehn writes in his statement.
Widespread popular protest against the austerity measures is rocking Greece ahead of the parliament's vote.
YLE