Greek unions set to strike over new austerity demands

Page last updated at 06:16 GMT, Tuesday, February 7, 2012 - 11:16 EST

CNN:

Demonstrators clash with anti riot policemen amid tear gas during a protest rally marking the 24-hour general strike last year

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Greek union members are expected to go on a daylong strike Tuesday to protest new austerity measures sought by foreign lenders as the country negotiates to keep its finances afloat.

Officials in Greece are under pressure to reach an agreement on a new bailout package with the threat of a default hanging over the country.

Prime Minister Lucas Papademos met with officials from the European Union, International Monetary Fund and European Central Bank on Monday to try and hammer out the details of a €130 billion bailout deal.

Greece needs the money to avoid defaulting on a €14.5 billion bond redemption in March. The concern is that a so-called disorderly default could force Greece out of the euro monetary union and shock the global financial system.

Papademos must also convince the leaders of Greece's three main political parties to back a package of fiscal and economic reforms that are a condition of the bailout.

Read the whole story: CNN