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It remains uncertain whether even the combination of new bailout and writedown will be enough to save Greece, whose economy is in a fifth year of recession and could continue to shrink as the cutbacks cripple consumer spending and investment. Werner Hoyer, the new president of the European Investment Bank, told Germany's Handelsblatt newspaper that "Greece now needs, alongside the unavoidable austerity program, a Marshall plan too "
-- a reference to the U.S. aid plan that rescued an impoverished Europe after World War II. Hoyer suggested that Greeks working in the European Commission and other EU bodies should be motivated to return home and help out, to avoid the impression that Greece "is under tutelage and directed by others." But he said the structural reforms Greece needed could take up to two decades. Angry Greek unions have called a protest rally against the new belt-tightening for 4:00 p.m. outside Parliament. Communist supporters will hold a separate march an hour later, while other protesters are planning a motorcycle rally. Previous protests have turned violent, and rioters burnt and looted dozens of shops in central Athens during a rally on Feb. 12. Papademos, who is unelected, has a sole mandate to see through the twin bailout and debt relief deal, and is expected to step down by early April ahead of national elections. Polls show that conservative New Democracy would likely come first, but without a large enough majority to govern alone.
[Associated
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