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A protester wearing a Greek flag sits in front of riot police during a rally outside the Greek Parliament yesterday. https://twitter.com/#!/stuffiwrote/statuses/168664950112387073

Greek PM warns of ‘economic and social catastrophe’ if MPs vote No

Lucas Papademos goes on TV to warn that the cost of a Greek default is far greater than that of a second bailout.

THE PRIME MINISTER of Greece has taken to the national airwaves to warn rebel MPs that the country faces an “economic and social catastrophe” of unprecedented proportions if they do not approve his new austerity plans.

In a televised address from Athens last night, on the eve of a crucial parliamentary vote, Lucas Papademos said the Greek economy was “just a breath away from Ground Zero” and that he was looking at the Greek public “straight in the eye”.

“The social costs that comes with these measures are contained in comparison to the economic and social catastrophe which will follow if we don’t adopt them,” Bloomberg quotes him as saying.

Greek news service Ekathimerini adds that Papademos said failure to ratify the deal would ensure that Greece would default on €14.5 billion of bonds which mature next month.

“A disorderly default would set the country on a disastrous adventure,” it quotes him as saying. “It would create conditions of uncontrolled economic chaos and social explosion.

The country would be drawn into a vortex of recession, instability, unemployment and protracted misery and this would sooner or later lead the country out of the euro.

The appeals come as five members of the 48-strong cabinet quit in protest at the measures, which include cutting 15,000 public sector jobs and slashing the minimum wage by 20 per cent.

Although the parties in government notionally command a huge majority in the 300-member parliament, a number of government MPs have already pledged to vote against the proposals, while significant numbers of others have refused to disclose their intentions.

The BBC says conservative leader Antonis Samaras has ordered his party’s 83 MPs to vote in favour of the plans, saying rebels would not be nominated to run in the parliamentary elections coming in a few months’ time.

MPs begin debating the controversial measures from noon Irish time, with the final vote taking place at 10pm. Protesters are expected to convene outside the parliament from mid-afternoon to demonstrate against the latest austerity.

The proposals have been demanded by eurozone finance ministers who have refused to sign off on the latest €130 billion bailout unless Greece radically cuts its spending.

Greece’s private bondholders have also refused to write down the value of their bonds unless the government imposes the tough new measures.

More: Greek police union calls for arrest of Troika officials

Yesterday: Greek government warns rebel MPs of “dangerous path” to default

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86 Comments
    Install the app to use these features.
    Mute Symbolism
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    Sep 27th 2014, 4:46 PM

    Is this a wind up ?

    368
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    Mute Jim
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    Sep 28th 2014, 9:55 AM

    On the other hand I’d love to have the money to buy it

    5
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    Mute Barry Doyle
    Favourite Barry Doyle
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    Sep 27th 2014, 4:45 PM

    Just like and share to be in with a chance to win one.

    206
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    Mute Antonov Merinov
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    Sep 27th 2014, 5:37 PM

    Not for me.
    I couldn’t tell my boss I was late because of my watch.

    49
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    Mute Willy Moon
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    Sep 27th 2014, 4:47 PM

    Don’t see any reason there to pay 1.1m for a watch, save the money and ask someone the time, or if you can pay that type of cash for a watch why the fu*k would you care what time it is

    180
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    Mute family guy
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    Sep 27th 2014, 8:59 PM

    I honestly think a finely made watch is beautiful. I feel naked if I don’t wear one on a night out. I think a watch and ring is the only jewellery a man should wear. I do have a watch fetish but have never spent any more that 500 euro on one. Any more is just silly. But sure if you are loaded why not.

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    Mute Francis Foley
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    Sep 28th 2014, 7:35 AM

    I agree family guy, I wear my watch all the time and feel naked without it.

    8
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    Mute Tony Skillington
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    Sep 27th 2014, 4:36 PM

    Does it have a calculator though?

    149
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    Mute fall out boy
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    Sep 27th 2014, 4:44 PM

    And all it does is tell the time

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    Mute Mick Jacobs
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    Sep 28th 2014, 1:30 AM

    does it have a sexy voice..??

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    Mute thetruth
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    Sep 27th 2014, 4:36 PM

    Ill have 2

    50
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    Mute eftwopointoh
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    Sep 27th 2014, 6:13 PM

    One for each wrist?

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    Mute thetruth
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    Sep 27th 2014, 6:16 PM

    Oh yeh. I’ll be unbalanced if i don’t

    51
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    Mute HARRY MARKOPOLOS
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    Sep 27th 2014, 7:05 PM

    Another upstart of a company.
    Established no doubt, to separate new money easterners from their cash.
    Well if they’re foolish with their dollars.
    Maybe they deserve to be shafted.

    12
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    Mute jock
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    Sep 27th 2014, 10:19 PM

    Your a boor.

    10
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    Mute HARRY MARKOPOLOS
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    Sep 28th 2014, 11:41 AM

    Fact are booring.

    1
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    Mute Bevin Reilly
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    Sep 27th 2014, 5:09 PM

    My auld Casio will do me. Best 15euro I ever spent.

    40
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    Mute neuromancer
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    Sep 27th 2014, 7:18 PM

    I’d rather have a Veyron.

    37
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    Mute Joseph Siddall
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    Sep 27th 2014, 7:24 PM

    But not the cost of running it. They would financially cripple you, which is why the vast majority of those on the market have hardly been driven.

    12
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    Mute skin flint
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    Sep 27th 2014, 11:25 PM

    You think the running cost is why the majority of veyrons are not driven in public…?

    15
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    Mute Joseph Siddall
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    Sep 28th 2014, 9:27 AM

    Skin, no, not the sole reason but almost certainly a contributory factor.

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    Mute Declan McArdle
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    Sep 27th 2014, 11:57 PM

    Four sprung durch technik?

    36
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    Mute Peter Grimes
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    Sep 27th 2014, 4:53 PM

    Time is your worst enemy, why would you pay 1.1 Million, for a watch, and half the world’s Children starving, it beggers belief.

    36
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    Mute Niall B.
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    Sep 27th 2014, 4:46 PM

    300 watches = 1 children’s hospital

    34
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    Mute Conor
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    Sep 27th 2014, 5:11 PM

    But you can’t wear the other 299 watches on your arm now can you.

    28
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    Mute Keetabix
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    Sep 27th 2014, 4:48 PM

    Do the ladies really judge a fella by the piece on his wrist?!

    25
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    Mute Kitty Prendergast
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    Sep 27th 2014, 5:11 PM

    To spend that much on a watch you’d have to have a piece for a head…

    21
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    Mute Art Vandelay
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    Sep 27th 2014, 5:26 PM

    It’s not what’s on his wrist that they care about, it’s the distance from the wrist to the tip of the middle finger. So shallow…

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    Mute Darragh O Meara
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    Sep 27th 2014, 7:30 PM

    I’ve got 200 of these unwrapped which can’t be sold. Like and share to be in with a chance to win one :)

    14
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    Mute Mary Lyons
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    Sep 27th 2014, 5:42 PM

    Well it would also have to bring me my tea and toast up to the bed in the morning as well if I paid that price for it!!!!!!

    14
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    Mute Darach Malone
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    Sep 27th 2014, 6:02 PM

    Does it only work when tethered to an iPhone 6?

    12
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    Mute gkrell
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    Sep 27th 2014, 4:49 PM

    what is a power reserve function? and how is it powered?

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    Mute John Mc Donagh
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    Sep 27th 2014, 4:51 PM

    Looks like the strap is extra!

    9
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    Mute Sean Smith
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    Sep 27th 2014, 5:53 PM

    If I could afford this I would care what time it was

    5
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    Mute The Guru
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    Sep 28th 2014, 2:37 AM

    Saw a watch that cost $350,000 in a shop the other day. It’s made from authentic pieces salvaged from the Titanic! Some people…

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    Mute Conor Dunne
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    Sep 28th 2014, 1:25 AM

    Watch yourself….

    3
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