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Greek Parliament Approves Austerity And Loans

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By Douglas A. McIntyre Published
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According to a number of media reports, the Greek parliament has approved the austerity measures need to get a second loan of 130 billion euro to cover deep deficits and a debt which cannot be sustained. Protesters marched outside the main government buildings ahead of the move.

Many economists believe that the action means almost nothing to the future of the nation which is in such deep recession that it will not recover for years. Unemployment is nearly 21% and GDP has dropped at recession levels for five years. Greece will probably default eventually, but the EU, ECB, and IMF want to keep Greece in the eurozone, at least until other weak economies in the region–particularly Portugal and Spain–recover. At that point, concerns about the contagion of sovereign debt will ease, and the future of Greece may become inconsequential

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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