Monday, 13 February 2012

A deal not quite done – but the bet is on!

© Archer10
‘We have to sacrifice a lot so as not to sacrifice everything’. That sounds like the rallying cry behind a war for freedom. It was one among many of the pleas from Greece’s leaders over the weekend. Coming from the former Prime Minister, George Papandreou, whose father and grandfather, were prime ministers of Greece themselves, it was one of the more emotive calls to parliament to back the law that will enact the austerity measures behind a second bailout. Parliament listened!

Is it a done deal? Not quite since eurozone finance ministers meet on Wednesday to pin down Greece’s coalition government to a final agreement on details for 325 million euros worth of deficit reduction and written endorsement from all coalition leaders on implementation of the conditions for the second bailout. Also, following this, parliamentary approval is required for the contributions by eurozone members to Greece’s loan.

However, lawmakers in Greece have chosen to go for it knowing the hardship and burden the Greeks must bear for the indefinite future. It is difficult to imagine that Greece will not now be granted access to a second bailout. The betting must be that it will. More >


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