Wednesday, May 26, 2010
Tuesday, May 18, 2010
Monday, May 17, 2010
Even more missing words
PM hints __ action against US banks
Prime Minister George Papandreou indicated yesterday that Greece might ___ legal action against certain US banks which, he said, bear “great responsibility” ___ the debt crisis engulfing his country.
Asked during an interview ____ CNN whether Greece had been a victim __ US investment banks, Papandreou said: “I hear the words fraud and lack of transparency. So yes, yes, there is great responsibility here.” Questioned further _____ the possibility of Greece taking legal action _______ these banks, Papandreou responded: “I wouldn’t rule ___ that this may be a recourse.”
Papandreou also referred __ an investigation by Greece’s Parliament ____ deals struck by Greek authorities __ 2000, with help from Goldman Sachs, that allowed them to mask the extent __the country’s debts through the use __ complex financial instruments. “We are looking into the past – how things went in the wrong direction and what kind of practices were negative practices,” Papandreou told CNN.
The role of global investment banks __ a debt crisis that has undermined the euro has been criticized __ several European politicians, most prominently German Chancellor Angela Merkel ___ has urged European governments to crack down __ speculators seeking to profit by gambling on the risk of countries defaulting __ their debt.
In a related development over the weekend, Germany’s economics and technology minister lashed out __ the head of Deutsche Bank for questioning Greece’s ability __ repay emergency EU loans.
“I find the declarations strange, surprising and annoying,” Rainer Bruderle said in comments published __ the website of the financial weekly WirtschaftsWoche. “At a time ____ the debate is being carried out so publicly, such a strong statement __ the television is not helpful,” he added.
Some more missing words
Tax crackdown shifts __ other sectors
The Finance Ministry, _____ last week named and shamed dozens of highly-paid Athens doctors believed __ __ guilty of rampant tax evasion, is now turning its attention __ lawyers, nightclub owners, singers and actresses, Kathimerini has learned.
According to sources, the ministry is this week planning to ____ public a list of names __ businesses and individuals thought to __ guilty of dodging their taxes.
First __ the list, the sources say, are the owners of nightclubs __ Athens and Thessaloniki believed to have ____ avoiding issuing receipts.
The next couple of weeks ____ also see the publication of a list of notaries ___, ministry inspections suggest, have been evading tax consistently ___ years.
Next __ the ministry’s hit-list, according to the same sources, are high-earning lawyers ___ have their offices __ expensive parts __ Athens but declare low incomes. Ministry inspectors are also focusing __ celebrities and television presenters ___ have been declaring unrealistically low incomes as well __ owners of offshore companies, farmers ___ have benefited ____ European Union subsidies and local authorities.
Missing words
Major parties losing support
Unimpressed with efforts __ PASOK and ND, half of Greeks would prefer a coalition, poll shows Support ___ the country’s two major political parties, ruling Socialist PASOK and conservative New Democracy, has plummeted over the past month, according __ the results of a new opinion poll _____ shows only one in five Greeks to be happy with the government, less than one in 10 satisfied with the conservatives and half favoring a new coalition administration.
According to the ______ of the survey, carried out by polling firm Public Issue earlier this month on behalf __ Kathimerini, only 22 percent of Greeks think the government has done a good job in tackling the problems faced __ their debt-ridden country, down by 9 percent, and only 8 percent are happy ____ ND’s role as the country’s main opposition party.
Half of the respondents in the survey, which was carried ___ with a sample of 1,006 citizens, indicated that they _____ prefer some kind of coalition government. More ____ a third (35 percent) said they would prefer a two-party coalition while 15 percent said they would like __ see an all-party government. Only 13 percent said they wanted a majority PASOK government and just 3 percent a majority ND administration.
The same survey shows that __ elections were held now, PASOK would garner 45 percent of the vote, only slightly down ____ 46.5 percent last month, with ND amassing 27 percent.
But the popularity of Prime Minister George Papandreou, ___ has led the drive to impose a raft of austerity measures, fell to 53 percent, ____ 68 percent last month.
The survey also noted an increase __ support for leftwing parties, and particularly ___ the Communist Party (KKE), which is seen garnering 10 percent __ the vote if elections were held now. Some 6,000 KKE party members and supporters staged a rally __ central Athens __ Saturday to protest the government’s austerity measures.
Major parties losing support
Unimpressed with efforts by PASOK and ND, half of Greeks would prefer a coalition, poll shows Support for the country’s two major political parties, ruling Socialist PASOK and conservative New Democracy, has plummeted over the past month, according to the results of a new opinion poll which shows only one in five Greeks to be happy with the government, less than one in 10 satisfied with the conservatives and half favoring a new coalition administration.
According to the results of the survey, carried out by polling firm Public Issue earlier this month on behalf of Kathimerini, only 22 percent of Greeks think the government has done a good job in tackling the problems faced by their debt-ridden country, down by 9 percent, and only 8 percent are happy with ND’s role as the country’s main opposition party.
Half of the respondents in the survey, which was carried out with a sample of 1,006 citizens, indicated that they would prefer some kind of coalition government. More than a third (35 percent) said they would prefer a two-party coalition while 15 percent said they would like to see an all-party government. Only 13 percent said they wanted a majority PASOK government and just 3 percent a majority ND administration.
The same survey shows that if elections were held now, PASOK would garner 45 percent of the vote, only slightly down from 46.5 percent last month, with ND amassing 27 percent.
But the popularity of Prime Minister George Papandreou, who has led the drive to impose a raft of austerity measures, fell to 53 percent, from 68 percent last month.
The survey also noted an increase in support for leftwing parties, and particularly for the Communist Party (KKE), which is seen garnering 10 percent of the vote if elections were held now. Some 6,000 KKE party members and supporters staged a rally in central Athens on Saturday to protest the government’s austerity measures.
Wednesday, May 12, 2010
Thursday, May 6, 2010
Wednesday, May 5, 2010
Tuesday, May 4, 2010
Advanced English test
Number ONE
Grammar TEST
Adjective and Preposition TEST
Advanced COZY home
Phrasal Verbs 1
Phrasal Verbs 2
To have and to get
To have and to get PART 2
Business English Test
English Grammar Review
Test of conditional
Advanced CLOZE TEST
Advanced IDIOMS
Crossword (not difficult)
Common words crossword
Common words crossword (1)
Prepositions
More prepositions
About BULATS
BULATS SAMPLE
Grammar TEST
Adjective and Preposition TEST
Advanced COZY home
Phrasal Verbs 1
Phrasal Verbs 2
To have and to get
To have and to get PART 2
Business English Test
English Grammar Review
Test of conditional
Advanced CLOZE TEST
Advanced IDIOMS
Crossword (not difficult)
Common words crossword
Common words crossword (1)
Prepositions
More prepositions
About BULATS
BULATS SAMPLE
Monday, May 3, 2010
Deal agreed
Deal agreed, tough steps announced
More tax hikes, spending cuts to hit home 
JOHN KOLESIDIS/REUTERSFinance Minister Giorgos Papaconstantinou prepares to announce the latest austerity measures to cut Greece’s public deficit and trigger the release of up to 45 billion euros of loans this year from the International Monetary Fund and the other 15 countries in the eurozone. Greece could receive another 65 billion euros over the next two years.
In return for receiving emergency loans of 110 billion euros from the International Monetary Fund and the eurozone over the next three years, Greece yesterday announced that it was adopting the most stringent austerity measures the country has seen in its modern history.
Prime Minister George Papandreou said the agreement would result in “an unprecedented support package for an unprecedented effort by the Greek people.” “These sacrifices will give us breathing space and the time we need to make great changes,” he said in a televised address following an emergency Cabinet meeting.
Shortly after, Finance Minister Giorgos Papaconstantinou unveiled the measures agreed by the government in order to save 36.4 billion euros by 2014 and reduce Greece’s public deficit from 13.6 percent of gross domestic product in 2009 to 2.6 percent in 2014. Under the plans, it is projected that Greece will not experience any growth until 2012.
Under the key measures in the public sector, public servants will lose their 13th and 14th monthly salaries and their supplemental pay packages will be cut by a further 8 percent after a 30 percent reduction earlier this year. They will receive a maximum of 1,000 euros combined for Easter, summer vacation and Christmas bonuses. The second installment of a handout to low-income workers, which PASOK set up when it came to power, will be frozen. Also, the Public Investment Program will be reduced by 1.5 billion over the next year. The government decided not to impose a salary cut in the private sector but is introducing legislation that will make it easier and cheaper to fire employees. Each of the three value-added tax rates will rise, from 23 to 25 percent, from 10 to 11 percent and from 5 to 5.5 percent, bringing in 1.8 billion euros by the end of next year. Private and public sector pensioners will receive only 12 monthly payments, as their 13th and 14th installments will also be cut. Changes to the pension system will require people to work longer before they retire.
Main opposition New Democracy leader Antonis Samaras criticized the government’s handling of the crisis and reiterated he would not have appealed to the IMF for help. He stopped short of saying whether he would vote against the measures. The Communist Party (KKE) and the Coalition of the Radical Left (SYRIZA) both encouraged citizens to voice their opposition.
The ADEDY civil servants’ union vowed to block the measures, which it claimed “make the rich richer and the poor poorer.” The union backlash against the measures is due to begin today, when workers at all the country’s municipalities will go on strike to protest reforms in local government that will lead to job cuts. The protesters will gather at Karaiskaki Square at noon before marching to Parliament.
There will be a 24-hour general strike on Wednesday, which will ground airplanes and disrupt public transport, while teachers are staging a 48-hour-strike from tomorrow.
Eurozone and IMF preparing to release funds
The eurozone nations agreed yesterday to provide the bulk of 110 billion euros for Greece’s support package, with the possibility that some European commercial banks may provide the necessary funds.
“We have decided to activate the support plan for Greece,” the head of the Eurogroup, Jean-Claude Juncker, said after a meeting of eurozone finance ministers in Brussels.
It now remains for the leaders of the 16 eurozone members to meet in the Belgian capital on Friday to sign off on the transfer of the funds.
Juncker said the 16 eurozone ministers agreed to, where necessary, present the plans to their national parliaments and stressed there was “no question” of the EU leaders reversing the much-awaited decision when they meet.
The Luxembourg prime minister also said that each country would examine whether local banks would want to contribute to the rescue package. “All the ministers agreed to see, together with banking sector representatives of their respective countries, what voluntary contributions the banks could make.”
Meanwhile, the International Monetary Fund, which will cover roughly a third of the support package, is expected to approve the deal “within the week,” IMF managing director Dominique Strauss-Kahn said in a statement.
“Our collective effort will contribute to the stability of the euro, will benefit all of Europe and will help promote global financial stability and a secure recovery in the global economy,” Strauss-Kahn said.
Prime Minister George Papandreou also spoke to US President Barack Obama last night to discuss the agreement reached with the IMF and the eurozone members, according to a statement from the premier’s office.
On-line marketing campaign
Online Marketing Campaign
Q1 She was going to discuss the matter ....... with her colleagues or her family.
(a) but (b) yet (c) neither (d) either
Q2 Our project team tried hard to think ....... all the possible alternatives before making a decision.
(a) of (b) at (c) by (d) as
Q3 Timing can be ....... crucial when you're considering launching a new online marketing campaign.
(a) strongly (b) greatly (c) extremely (d) already
Q4 Are you able to ....... our conditions of delivery in line with our recent invoice?
(a) except (b) expect (c) accept (d) access
Q5 Fortunately for us we're finding our new internet division is showing an increased ........
(a) prophet (b) profit (c) profitably (d) profits
Q6 Following some recent research our engineers ....... that our index system has scope for fast improvement.
(a) fined (b) finding (c) found (d) finds
Q7 In our line of business it is vital to host our website on our own server ....... of getting someone else to do it.
(a) except (b) but (c) besides (d) instead
Q8 Before you employ new staff you should carry out a ....... examination of their personal qualities and professional experience.
(a) careful (b) caring (c) carefulness (d) carefully
Q9 Thanks to the high standards of service we offer our customers, we have been able to establish an excellent ........
(a) repute (b) reputable (c) reputation (d) reputedly
Q10 An interactive website can save your organisation ....... amounts of time and money that would otherwise be spent on correspondence.
(a) signify (b) significant (c) significance (d) signification
Q1 She was going to discuss the matter ....... with her colleagues or her family.
(a) but (b) yet (c) neither (d) either
Q2 Our project team tried hard to think ....... all the possible alternatives before making a decision.
(a) of (b) at (c) by (d) as
Q3 Timing can be ....... crucial when you're considering launching a new online marketing campaign.
(a) strongly (b) greatly (c) extremely (d) already
Q4 Are you able to ....... our conditions of delivery in line with our recent invoice?
(a) except (b) expect (c) accept (d) access
Q5 Fortunately for us we're finding our new internet division is showing an increased ........
(a) prophet (b) profit (c) profitably (d) profits
Q6 Following some recent research our engineers ....... that our index system has scope for fast improvement.
(a) fined (b) finding (c) found (d) finds
Q7 In our line of business it is vital to host our website on our own server ....... of getting someone else to do it.
(a) except (b) but (c) besides (d) instead
Q8 Before you employ new staff you should carry out a ....... examination of their personal qualities and professional experience.
(a) careful (b) caring (c) carefulness (d) carefully
Q9 Thanks to the high standards of service we offer our customers, we have been able to establish an excellent ........
(a) repute (b) reputable (c) reputation (d) reputedly
Q10 An interactive website can save your organisation ....... amounts of time and money that would otherwise be spent on correspondence.
(a) signify (b) significant (c) significance (d) signification
To encourage
How to encourage
Q1 Well .......! This is a very good piece of work.
(a) made (b) done (c) finished (d) taken
Q2 I must congratulate you on your efforts. ....... it up!
(a) Continue (b) Take (c) Keep (d) Hold
Q3 Don't give up whatever you do. I'm sure you'll ....... it in the end.
(a) acquire (b) get (c) put (d) make
Q4 I'll ....... by you no matter what happens.
(a) stand (b) keep (c) lean (d) support
Q5 I'm sure if you ......., you'll succeed.
(a) pursue (b) proceed (c) propel (d) persevere
Q6 You've clearly got ....... and it's obvious that you'll get to the top.
(a) control (b) power (c) talent (d) strength
Q7 I've watched a lot of young people try to make a success of it, but you're the only one I really ....... in.
(a) think (b) trust (c) hold (d) believe
Q8 I see no ....... why you shouldn't be accepted as an employee.
(a) cause (b) sense (c) reason (d) doubt
Q9 Never ....... up. That's a good philosophy.
(a) give (b) do (c) take (d) try
Q10 You mustn't ever be ....... off by a few setbacks.
(a) taken (b) held (c) put (d) pushed
51
Answers Index
Q1 Well .......! This is a very good piece of work.
(a) made (b) done (c) finished (d) taken
Q2 I must congratulate you on your efforts. ....... it up!
(a) Continue (b) Take (c) Keep (d) Hold
Q3 Don't give up whatever you do. I'm sure you'll ....... it in the end.
(a) acquire (b) get (c) put (d) make
Q4 I'll ....... by you no matter what happens.
(a) stand (b) keep (c) lean (d) support
Q5 I'm sure if you ......., you'll succeed.
(a) pursue (b) proceed (c) propel (d) persevere
Q6 You've clearly got ....... and it's obvious that you'll get to the top.
(a) control (b) power (c) talent (d) strength
Q7 I've watched a lot of young people try to make a success of it, but you're the only one I really ....... in.
(a) think (b) trust (c) hold (d) believe
Q8 I see no ....... why you shouldn't be accepted as an employee.
(a) cause (b) sense (c) reason (d) doubt
Q9 Never ....... up. That's a good philosophy.
(a) give (b) do (c) take (d) try
Q10 You mustn't ever be ....... off by a few setbacks.
(a) taken (b) held (c) put (d) pushed
51
Answers Index
To disagree
How to disagree
Q1 I'm sorry but I can't ....... your opinion on that.
(a) take (b) share (c) give (d) find
Q2 I very much regret that we must ....... company on that issue.
(a) divide (b) devise (c) part (d) leave
Q3 Let's be honest about it we'll never agree on that because our views are diametrically ........
(a) apposed (b) imposed (c) supposed (d) opposed
Q4 We'll never agree, that's clear so let's ....... to differ.
(a) ask (b) bid (c) beg (d) try
Q5 You can argue with me till the cows come ....... but I can't accept that.
(a) away (b) along (c) back (d) home
Q6 I really see no point in continuing this argument because we have no ....... ground.
(a) basic (b) own (c) common (d) similar
Q7 There's absolutely no way I can ....... you on that matter.
(a) meet (b) hold (c) take (d) find
Q8 Nothing in the world will ever make me change my ....... on that subject.
(a) thought (b) mind (c) idea (d) heart
Q9 I would love to meet you half way but I'm afraid I can't because with me it's a matter of ........
(a) principal (b) principles (c) principally (d) principle
Q10 Let's ....... it, you and I will never see eye to eye on this.
(a) look (b) take (c) face (d) see
Q1 I'm sorry but I can't ....... your opinion on that.
(a) take (b) share (c) give (d) find
Q2 I very much regret that we must ....... company on that issue.
(a) divide (b) devise (c) part (d) leave
Q3 Let's be honest about it we'll never agree on that because our views are diametrically ........
(a) apposed (b) imposed (c) supposed (d) opposed
Q4 We'll never agree, that's clear so let's ....... to differ.
(a) ask (b) bid (c) beg (d) try
Q5 You can argue with me till the cows come ....... but I can't accept that.
(a) away (b) along (c) back (d) home
Q6 I really see no point in continuing this argument because we have no ....... ground.
(a) basic (b) own (c) common (d) similar
Q7 There's absolutely no way I can ....... you on that matter.
(a) meet (b) hold (c) take (d) find
Q8 Nothing in the world will ever make me change my ....... on that subject.
(a) thought (b) mind (c) idea (d) heart
Q9 I would love to meet you half way but I'm afraid I can't because with me it's a matter of ........
(a) principal (b) principles (c) principally (d) principle
Q10 Let's ....... it, you and I will never see eye to eye on this.
(a) look (b) take (c) face (d) see
Business expressions 2
How to complain
Q1 I'm really not satisfied with the way you have ....... the situation.
(a) dealt (b) handled (c) done (d) fingered
Q2 I've really had enough of all your excuses, what I want is some ........
(a) action (b) acting (c) acted (d) active
Q3 You've refused to help me now for six months and so I shall now have to take the matter ........
(a) on (b) longer (c) far (d) further
Q4 I must ....... you do something immediately as I've been patient long enough.
(a) persist (b) desist (c) insist (d) consist
Q5 I now want some kind of compensation for the total ....... of service I've experienced.
(a) lack (b) fail (c) failing (d) missing
Q6 I'm obviously not getting anywhere with my complaint, please let me talk to someone ....... to you.
(a) older (b) above (c) over (d) senior
Q7 I'm very unhappy with the way I've been ........ No one seems at all interested in my case.
(a) considered (b) treated (c) placed (d) pushed
Q8 I believe I have very good ....... for suing your company for negligence.
(a) lands (b) terrains (c) grounds (d) areas
Q9 If you don't do something today, I shall be ....... to take legal action.
(a) held (b) ordered (c) commanded (d) forced
Q10 You're the tenth person I've been put through to and I'm on the point of losing my ........
(a) mood (b) temper (c) state (d) feeling
Q1 I'm really not satisfied with the way you have ....... the situation.
(a) dealt (b) handled (c) done (d) fingered
Q2 I've really had enough of all your excuses, what I want is some ........
(a) action (b) acting (c) acted (d) active
Q3 You've refused to help me now for six months and so I shall now have to take the matter ........
(a) on (b) longer (c) far (d) further
Q4 I must ....... you do something immediately as I've been patient long enough.
(a) persist (b) desist (c) insist (d) consist
Q5 I now want some kind of compensation for the total ....... of service I've experienced.
(a) lack (b) fail (c) failing (d) missing
Q6 I'm obviously not getting anywhere with my complaint, please let me talk to someone ....... to you.
(a) older (b) above (c) over (d) senior
Q7 I'm very unhappy with the way I've been ........ No one seems at all interested in my case.
(a) considered (b) treated (c) placed (d) pushed
Q8 I believe I have very good ....... for suing your company for negligence.
(a) lands (b) terrains (c) grounds (d) areas
Q9 If you don't do something today, I shall be ....... to take legal action.
(a) held (b) ordered (c) commanded (d) forced
Q10 You're the tenth person I've been put through to and I'm on the point of losing my ........
(a) mood (b) temper (c) state (d) feeling
Business expressions
Business Expressions (2)
Q1 I've warned you before that you shouldn't get involved in this matter and you have ....... business discussing it.
(a) some (b) little (c) no (d) not
Q2 That's really not my concern at all and I'm certainly not ....... the business of telling others what to do.
(a) in (b) out (c) of (d) by
Q3 She was very enthusiastic about her new job and was making rapid progress ....... nobody's business.
(a) as (b) with (c) similar (d) like
Q4 I really wouldn't joke about it because these people are deadly serious and ....... business.
(a) signify (b) mean (c) require (d) need
Q5 He didn't hesitate to tell me that I wasn't wanted and just told me to ....... my own business.
(a) concern (b) look after (c) tend to (d) mind
Q6 I'm afraid it won't be possible to talk to the boss today because he's away ....... business till Tuesday.
(a) off (b) on (c) for (d) to
Q7 He was very keen that we kept in touch and for that reason he handed me his business .......
.
(a) ticket (b) paper (c) card (d) notice
Q8 This is the really important part of the machine and that's why we call it the business ........
(a) centre (b) end (c) area (d) point
Q9 The whole site has nothing but offices and administration centres and that's why we call it a business ........
(a) place (b) situation (c) field (d) park
Q10 All the famous film stars, actors, directors and writers were at the festival representing the world of ....... business.
(a) play (b) drama (c) show (d) performance
Q1 I've warned you before that you shouldn't get involved in this matter and you have ....... business discussing it.
(a) some (b) little (c) no (d) not
Q2 That's really not my concern at all and I'm certainly not ....... the business of telling others what to do.
(a) in (b) out (c) of (d) by
Q3 She was very enthusiastic about her new job and was making rapid progress ....... nobody's business.
(a) as (b) with (c) similar (d) like
Q4 I really wouldn't joke about it because these people are deadly serious and ....... business.
(a) signify (b) mean (c) require (d) need
Q5 He didn't hesitate to tell me that I wasn't wanted and just told me to ....... my own business.
(a) concern (b) look after (c) tend to (d) mind
Q6 I'm afraid it won't be possible to talk to the boss today because he's away ....... business till Tuesday.
(a) off (b) on (c) for (d) to
Q7 He was very keen that we kept in touch and for that reason he handed me his business .......
.
(a) ticket (b) paper (c) card (d) notice
Q8 This is the really important part of the machine and that's why we call it the business ........
(a) centre (b) end (c) area (d) point
Q9 The whole site has nothing but offices and administration centres and that's why we call it a business ........
(a) place (b) situation (c) field (d) park
Q10 All the famous film stars, actors, directors and writers were at the festival representing the world of ....... business.
(a) play (b) drama (c) show (d) performance
Eurozone support for Greece
Eurozone members and the IMF have agreed a 110bn-euro (£95bn; $146.2bn) three-year bail-out package to rescue Greece's embattled economy.
In return for the loans, Greece will make major austerity cuts which Prime Minister George Papandreou said involved "great sacrifices".
The EU will provide 80bn euros in funding and the rest will come from the International Monetary Fund (IMF).
The deal is designed to prevent Greece from defaulting on its massive debt.
However, it must first be approved by some parliaments in the 15 other eurozone countries.
Luxembourg's Prime Minister, Jean-Claude Juncker, said up to 30bn euros would be disbursed to Greece in the first year. The first loan tranche will be released before 19 May - the date of Greece's next debt repayment, he said.
The leaders of the 16-nation Eurogroup will hold a summit in Brussels on Friday to "draw initial conclusions from the Greek crisis", he added.
Shoring up confidence
This was a day the European Union never imagined - that what could turn out to be the largest bail-out ever would be needed by a country using the euro.
Rescuing Greece remains very unpopular, especially in Germany, but German Chancellor Angela Merkel said it was the only way to ensure the stability of the single currency.
What persuaded eurozone countries and the IMF to lend Greece such a large sum was the fear that if Greece defaulted other countries like Portugal or even Spain could follow. Plenty of doubts remain, however.
The Greek economy will shrink by 4% this year and today's cuts could deepen the recession.
What the plan does do is to buy time and shelter Greece from the fierce winds of the markets.
The IMF is expected to approve its portion of the loan this week, IMF managing director Dominique Strauss-Kahn said.
In return for the financial support, the Greek government has unveiled a fresh round of sweeping efficiencies, including further tax rises and deeper cuts in pensions and public service pay.
The Eurogroup is trying to speed up rescue efforts for Greece amid fears its debt crisis could undermine other debt-laden states that use the single currency. Anxiety about contagion has focused on Portugal, Spain and the Republic of Ireland.
Germany has been the most reluctant to bail out Greece, but its Economy Minister Rainer Bruederle said there was a "good chance" of getting German parliamentary agreement by Friday.
Yet he said Greece had to implement its new austerity programme "quickly" and "to the letter".
'Evident' anger
The Greek economy is still deep in recession and on Sunday the government forecast that GDP would fall by 4% in 2010.
The country's national debt - currently at about 115% of GDP - would rise to 149% by 2013 before falling, it added.
It is not going to be easy on Greek citizens, despite the efforts that have been made and will continue to be made to protect the weakest in society
Mr Papandreou told a televised cabinet meeting that active and retired public sector workers would bear the brunt of the new wave of budget cuts.
"With our decision today our citizens will have to make great sacrifices," he said, describing public anger at the new wave of cutbacks as "evident".
"Our national red line is to avoid bankruptcy," Mr Papandreou said, adding that "no-one could have imagined" the size of the debt that the previous government, which left office last year, had left behind.
The austerity plan aims to achieve fresh budget cuts of 30bn euros over three years - with the goal of cutting Greece's public deficit to less than 3% of GDP by 2014. It currently stands at 13.6%.
Measures include:
* Scrapping bonus payments for public sector workers
* Capping annual holiday bonuses and axing them for higher earners
* Banning increases in public sector salaries and pensions for at least three years
* Increasing VAT from 21% to 23%
* Raising taxes on fuel, alcohol and tobacco by 10%
* Taxing illegal construction
Finance Minister George Papaconstantinou said Greece had been called on to make a "basic choice between collapse or salvation".
"It is not going to be easy on Greek citizens, despite the efforts that have been made and will continue to be made to protect the weakest in society."
New emergency legislation authorising the cuts and tax rises is now being drafted and is due to be put before parliament for approval by the end of the week.
However unions have vowed to fight the round of austerity measures. The third nationwide general strike in as many months is scheduled for Wednesday.
German Chancellor Angela Merkel said Greece's austerity plans were "very ambitious" and would spur other troubled eurozone members to do all they could to avoid the same fate.
"These countries can see that the path taken by Greece with the IMF is not an easy one. As a result they will do all they can to avoid this themselves," Mrs Merkel told the Bild am Sonntag newspaper.
In return for the loans, Greece will make major austerity cuts which Prime Minister George Papandreou said involved "great sacrifices".
The EU will provide 80bn euros in funding and the rest will come from the International Monetary Fund (IMF).
The deal is designed to prevent Greece from defaulting on its massive debt.
However, it must first be approved by some parliaments in the 15 other eurozone countries.
Luxembourg's Prime Minister, Jean-Claude Juncker, said up to 30bn euros would be disbursed to Greece in the first year. The first loan tranche will be released before 19 May - the date of Greece's next debt repayment, he said.
The leaders of the 16-nation Eurogroup will hold a summit in Brussels on Friday to "draw initial conclusions from the Greek crisis", he added.
Shoring up confidence
This was a day the European Union never imagined - that what could turn out to be the largest bail-out ever would be needed by a country using the euro.
Rescuing Greece remains very unpopular, especially in Germany, but German Chancellor Angela Merkel said it was the only way to ensure the stability of the single currency.
What persuaded eurozone countries and the IMF to lend Greece such a large sum was the fear that if Greece defaulted other countries like Portugal or even Spain could follow. Plenty of doubts remain, however.
The Greek economy will shrink by 4% this year and today's cuts could deepen the recession.
What the plan does do is to buy time and shelter Greece from the fierce winds of the markets.
The IMF is expected to approve its portion of the loan this week, IMF managing director Dominique Strauss-Kahn said.
In return for the financial support, the Greek government has unveiled a fresh round of sweeping efficiencies, including further tax rises and deeper cuts in pensions and public service pay.
The Eurogroup is trying to speed up rescue efforts for Greece amid fears its debt crisis could undermine other debt-laden states that use the single currency. Anxiety about contagion has focused on Portugal, Spain and the Republic of Ireland.
Germany has been the most reluctant to bail out Greece, but its Economy Minister Rainer Bruederle said there was a "good chance" of getting German parliamentary agreement by Friday.
Yet he said Greece had to implement its new austerity programme "quickly" and "to the letter".
'Evident' anger
The Greek economy is still deep in recession and on Sunday the government forecast that GDP would fall by 4% in 2010.
The country's national debt - currently at about 115% of GDP - would rise to 149% by 2013 before falling, it added.
It is not going to be easy on Greek citizens, despite the efforts that have been made and will continue to be made to protect the weakest in society
Mr Papandreou told a televised cabinet meeting that active and retired public sector workers would bear the brunt of the new wave of budget cuts.
"With our decision today our citizens will have to make great sacrifices," he said, describing public anger at the new wave of cutbacks as "evident".
"Our national red line is to avoid bankruptcy," Mr Papandreou said, adding that "no-one could have imagined" the size of the debt that the previous government, which left office last year, had left behind.
The austerity plan aims to achieve fresh budget cuts of 30bn euros over three years - with the goal of cutting Greece's public deficit to less than 3% of GDP by 2014. It currently stands at 13.6%.
Measures include:
* Scrapping bonus payments for public sector workers
* Capping annual holiday bonuses and axing them for higher earners
* Banning increases in public sector salaries and pensions for at least three years
* Increasing VAT from 21% to 23%
* Raising taxes on fuel, alcohol and tobacco by 10%
* Taxing illegal construction
Finance Minister George Papaconstantinou said Greece had been called on to make a "basic choice between collapse or salvation".
"It is not going to be easy on Greek citizens, despite the efforts that have been made and will continue to be made to protect the weakest in society."
New emergency legislation authorising the cuts and tax rises is now being drafted and is due to be put before parliament for approval by the end of the week.
However unions have vowed to fight the round of austerity measures. The third nationwide general strike in as many months is scheduled for Wednesday.
German Chancellor Angela Merkel said Greece's austerity plans were "very ambitious" and would spur other troubled eurozone members to do all they could to avoid the same fate.
"These countries can see that the path taken by Greece with the IMF is not an easy one. As a result they will do all they can to avoid this themselves," Mrs Merkel told the Bild am Sonntag newspaper.
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