Greek Trouble Begins, Again
As Greek leaders left meetings with leaders of the EU, IMF, and ECB in Brussels, they believed they had a bailout in hand. It would prevent a default in March. It turns out they were premature in their beliefs. Those…
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As Greek leaders left meetings with leaders of the EU, IMF, and ECB in Brussels, they believed they had a bailout in hand. It would prevent a default in March. It turns out they were premature in their beliefs. Those that would loan Greece money say it has been to slow to implement austerity. Without cuts in place, particularly as Greece drops into recessions, it deficits cannot be reduced.
Greek leaders are left having to prove that the Parliament will come into line behind them and do things like drop the minimum wage by 20% and cut government pensions. All the while, Greeks are rioting in the streets trying to get the government to back off from cuts in pay and retirement packages
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