'Slavery' outcry as Greece's leader agrees another rescue

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European officials in Vienna have agreed in principle to a three-year programme of cuts, superseding a 110 billion (£97 billion) rescue agreed with the European Union and IMF a year ago.

Reports in Greece suggested a total bailout of 85 billion with around half coming from the EU and International Monetary Fund and half from the private sector and privatisation proceeds. The most likely option is private creditors, mainly banks, will be called to swap their Greece bonds with new ones maturing 10 to 15 years later.

It is planned that banks will sign up voluntarily and in a form which avoids a potentially devastating default. Greek bond yields eased today on news of the outline deal.

In Athens, left-wingers staged a protest at the finance ministry, hanging a huge banner across the building to denounce the government after Papandreou signed up to another 6.4 billion in cuts to tackle its huge deficit.

The Communist-linked PAME group said: "We have a sacred duty to our children and ourselves to cancel plans to turn workers into modern slaves."