Man in debt sets himself ablaze

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A Greek man set himself on fire outside a branch of Piraeus bank in the northern city of Thessaloniki.

The unnamed 55-year-old was heard to shout out that he was in debt as he covered himself in petrol on Saturday.

According to police, this was the third attempt he had made to harm himself in such a way.

He had apparently set himself on fire and suffered burns 15 months ago, after complaining he could not pay back the debts from his failed business.

Police used fire extinguishers to put out the blaze and the man has now been hospitalised with non life-threatening chest burns.

Cost-cutting measures in Greece have caused a host of business failures and record employment and the country is now in its third year of recession.

Its finance minister said he fully expects the country to stay in recession during 2012.

EU/IMF inspectors are due to visit the country on Monday to see if they feel the government is doing enough to head off the crisis before committing to further bailouts.

Greece has been further crippled by a wave of strikes from protesters angry at the scale and speed of government cuts.

Crippled with debts, Greece is only surviving after it was given €110 billion (RM468.9 billion) of bailout loans in May last year but now needs another €109 billion (RM464.7 billion) in order to stop it defaulting on debts, something which would have a devastating effect on the eurozone.

UK chancellor George Osborne has called on European leaders to expand the powers of the eurozone bailout fund before time runs out.

Greek Finance Minister Evangelos Venizelos told a parliamentary committee the sheer depth of the recession had to be understood: 'It has to be grasped that the Greek people are paying a cost, that there is a cumulative recession of three years, which will now be four years.

"It is not possible for all of us to say we believe in growth and support the real economy without taking that into account," he added.