Monday, February 13, 2012

Inevitable ...

... for the time being.
The Greek parliament has approved a deeply unpopular austerity bill to secure a second bailout from the European Union and International Monetary Fund and avoid a messy default.
Ahead of the evening parliamentary vote, serious violence broke out on the streets of Athens and spread to other Greek towns and cities, including on the holiday islands of Corfu and Crete.
With eurozone leaders declaring it was time for Greece to put up or shut up and that Athens' promises could no longer be believed, Greece's two main political parties and the caretaker prime minister had invoked apocalyptic scenarios for the country if the €3.3bn (£2.76bn) of cuts ordained by the eurozone were not supported.
The bill was passed with 199 votes in favour, but 74 against.
How long can this go on?

1 comment:

  1. This must inevitably lead to more haircuts and in perpetuating the euro crisis. I suspect the euro-zone elite are not best pleased with this yes vote. Greece leaving the euro is going to happen it is just when that is not known.