Greek Parliament Approves Austerity And Loans

Investing

Published: February 12, 2012 6:30 pm

Last Updated: February 12, 2012 6:33 pm

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

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