Greek MPs quit over economic failure

TWO senior politicians today resigned from the Greek parliament as the country plunged further into crisis.

Hours after 20,000 people rioted on the streets of Athens, former ministers Giorgos Floridis and Ektoras Nasiokas stepped down in protest at the government's failure to push through critical reforms to avoid Greece defaulting on its massive debts.

Prime minister George Papandreou's failure to pass the unpopular austerity measures has huge ramifications for Britain, as well as the eurozone and wider global economy. Chancellor George Osborne is coming under pressure from Germany to commit hundreds of millions of pounds to a second bailout for Greece.

Last year, the eurozone countries approved a £96billion loan but Berlin wants a second bailout - including a £900million contribution from the UK Treasury.

Mr Floridis, 55, said in his resignation: "Unfortunately, the leaderships of the main political parties have again failed to rise to national circumstances, in a politically unforgivable way. Instead of sounding a national alert...the parties resorted to making their own petty calculations."