Athens, Greece (CNN) -- As Greece backs away from the brink of bankruptcy, protesters lashed out against Prime Minister George Papandreou Saturday as he reaffirmed his drive to cut Greece's mounting deficit with new austerity measures.
"The battle we are waging is for the survival of Greece," said Papandreou. "This not a battle that the prime minister or his government will win or lose. This battle we will either we all win it together or we will all sink together," he said.
Tensions ran high as Papandreou delivered his much-anticipated speech in the northern city of Thessaloniki, where he outlined corporate tax cuts and a major overhaul of Greece's state-run rail company.
OSE, the rail company, is said to be bleeding money, with an estimated debt at around $13 billion, officials have said. If the changes are implemented, about 40 percent of OSE's 6,300 workers would be let go, but offered other public sector jobs. The rail service would face private competition, he added.
The embattled leader also pledged to deregulate the energy market, push forward with privatization plans and simplify business licensing procedures. He also said he would open up restricted professions in order for Greece to comply with European Union regulations. Accordingto Papandreou, these measures are important to make the Greek economy more competitive.
"Greece is not a poor country," Papandreou added.
CNN
