Sixth austerity package

Lawmakers in Greece are starting a four-day debate on a new package of spending cuts that will extend the number of years Greeks have lived under austerity to more than a decade.

The latest round of measures will introduce pension cuts in 2019 and higher income tax in 2020, under an agreement with international bailout lenders for continued rescue funding.

Greece's largest opposition party, the conservative New Democracy, said on Tuesday it would not support the deal cut by Athens and its lenders when it comes to Parliament.

"We will not vote in the new austerity measures that cut pension and tax Greece more," spokesman Vassilis Kikilias told Reuters.

German newspaper Handelsblatt reported that Chancellor Angela Merkel was ready to accept a possible debt relief for Greece, if Athens passed a series of additional measures. The newspaper claims it has information deriving from the phone contact between Mrs. Merkel and IMF Chief Christine Lagarde Thursday night that revolved around ways to solve the Greek issue.

Greece's government says members of the International Monetary Fund's executive are in disagreement on bailout measures required for the debt-plagued country, further complicating efforts to break an impasse in talks.

Government spokesman Dimitris Tzannakopoulos leveled the accusation Tuesday, hours after the IMF board issued a gloomy statement on Greece's debt outlook.

By Debbie Papadakis

German Chancellor Angela Merkel ruled out once again a nominal write off of Greek debt talking on German TV station ARD. The Chancellor said that Germany would negotiate hard with Greece to ensure that the country implements all the necessary agreements that should be honored.

What are the advantages and disadvantages of a ‘Yes’ or ‘No’ vote in a question that few people seem to fully understand.

YES

What Greece has to lose: Negatives of voting Yes

– You’ll be damned if you do as it will mean a return to the negotiating table with even harsher austerity measures than the ones already proposed.

European leaders meeting in Brussels carefully sidestepped the thorny question of restructuring Greeces huge debt on Monday, with Germany the most reluctant to open the debate.

Five years of austerity cuts may have saved Greece from financial collapse, but the life of ordinary Greeks took a decided turn for the worse.

Greece's finance minister called on German Chancellor Angela Merkel to give his country a «Speech of Hope», to signal Europe was ready to end its demands for austerity, similar to that given to Germany at the end of World War Two.