'No Guarantees' Greek rescue will work

Page last updated at 03:55 GMT, Wednesday, March 28, 2012 - 08:55 EST

Sky News (blog):

Lest we forget: Greece isn't out of the woods yet...

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At a session in the European Parliament on Tuesday, representatives of the so-called Troika, which is keeping the country solvent, told MEPs that "there is no guarantee the programme will work."

Paul Thomsen from the IMF, the European Central Bank's Jorg Asmussen and the Economic and Monetary Affairs Commissioner Olli Rehn delivered a series of thinly-veiled warnings that the Greek government needs to do more to deserve the next tranche of bailout cash.

Rehn told a joint committee meeting that "at the end of the day it is the Greeks themselves who need to take action to reform their country and carry the responsibility of it."

They were given something of a tongue-lashing by some of the MEPs from the left of the spectrum who argue the insistence on austerity is dragging the country down even further and stifling a return to growth.

The Greek MEP Nicolaos Chountis accused the Troika of "reducing Greeks to South East Asian conditions."

Read the whole story: Sky News (blog)