Key hurdles for Greece in coming weeks

LONDON/ATHENS: With Greece teetering on the edge of bankruptcy, P rime Minister George Papandreou is trying this week to push through parliament a package of spending cuts, tax increases and privatisations needed to secure international funding by mid-July, when the country would otherwise default on its debt.

A Reuters details the key challenges and deadlines that Greece will need to meet in coming weeks:

WEDNESDAY, JUNE 29

-- Parliament votes on a 28 billion euro ($40 billion), five-year austerity package of tax hikes and spending cuts agreed with the European Union and the International Monetary Fund. The session starts at 10 a.m. Athens time (0700 GMT) and is expected to conclude sometime in the afternoon with a vote.

THURSDAY, JUNE 30

-- Parliament votes on separate implementation legislation spelling out the fiscal measures in more detail -- potentially more difficult as this will cover individual privatisations, tax steps and spending cuts. The session starts at 10 a.m. Athens time (0700 GMT) and is expected to conclude sometime in the afternoon with a vote.

SUNDAY, JULY 3

-- Deadline set by the EU for the Greek parliament to pass the austerity laws. Euro zone finance ministers hold an extraordinary meeting on this date and have said the laws must be passed by then for Greece to obtain its next, 12 billion euro tranche of bailout loans. Greece has said it will be unable to pay its debts by mid-July if it does not get the tranche.

EARLY JULY

-- Euro zone finance ministers have said they will define by early July "the main parameters" of a new international bailout plan for Greece, which will supplement the 110 billion euro bailout launched in May last year. The new package will include additional official loans and a voluntary rollover of Greek debt by private investors.

FRIDAY, JULY 15

-- Six-month Greek Treasury bills worth 2.4 billion euros mature.

FRIDAY, JULY 22

-- Three-month Greek T-bills worth 2 billion euros mature.

FRIDAY, AUGUST 12

-- Six-month Greek T-bills worth 480 million euros mature.

FRIDAY, AUGUST 19

-- Three-month Greek T-bills worth 2.0 billion euros mature.

SATURDAY, AUGUST 20

-- A 5.9 billion euro, 3.9 percent five-year Greek government bond matures.

THIS AUTUMN

-- Papandreou has announced a referendum will be held this autumn on Greek electoral and political changes, including the responsibilities of ministers. This could develop into a de facto test of support for the government and austerity. - Reuters