In a tight vote Greece’s legislature approved a plan of austerity that will enable the debt-riddled country to receive the next tranche of bailout funds and avoid a default, for now.
Amid clashes between protestors and police outside government buildings, the Greek Parliament passed Prime Minister George Papandreou’s package of budget cuts and taxes, a positive development but merely a first step. While the deal buys a bit more time for Greece to sort out its issues, it does little to address the fact that the country is not growing anywhere near fast enough to repay bondholders without receiving aid from the EU, IMF and ECB for the foreseeable future.
The final tally showed 155 votes for the austerity program, 138 against and 7 abstentions.
Yesterday, Bank of America Merrill Lynch currency strategist Paresh Upadhyaya compared the goings-on in Greece to the movie Groundhog Day, hi
In: World News
Tags: greece, athens, protesters, soclialism fail, economy, police, protesters, tear gas
Location: Athens, Attica, Greece (load item map)
Marked as: featured
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