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| Austerity Measures in Greece |
| (2012-02-13) |
| Last updated: 2012-02-14 13:37 EET |
The Greek government has said yes to a new set of harsh austerity measures required by its foreign lenders, in an attempt to salvage what’s left of a debt-ridden country. The international media writes about “a historic vote” in the Greek Parliament, which clears the ground for a new rescue package worth 130 billion euros, which are to be disbursed by the IMF and the European Commission, at the same time brushing off another part of Greece’s private debt.
Economic pundits say Greece will default on its debt in March, and will probably opt out of the Eurozone. This scenario would cause great disturbance on foreign financial markets, which have grown increasingly sensitive to any sign of economic instability in Greece. The new austerity plan was adopted against the background of social unrest and political turmoil, and stipulates a radical slash of public spending, of salaries and pensions, as well as massive layoffs in the public sector.
To talk figures, the most unpopular measures will spell as a 22% drop in the minimum salary and making redundant as many as 15,000 public sector employees. The iron-fist measures were approved against the backdrop of unprecedented street protests in Athens and Thesaloniki, which quickly spiraled into violence. Some 100,000 protesters took to the streets in Greece’s two largest cities. Greek authorities say dozens of buildings, including bank offices and historic heritage sites, were set on fire or looted in Athens.
The violent clashes between demonstrators and riot police, which have grown common since the previous austerity package of 2010, have now left dozens injured. France Press news agency writes that, beyond the street protests, Greece is trying to ward off any trace of skepticism among its foreign lenders about its commitment to introducing reforms that would put an end to years of immoral spending.
The new financial measures laid down by Greece’s foreign lenders are aimed at bailing out a country that has been in the focus of debates regarding budget imbalance within the EU. The single European currency strengthened after the Greek Parliament finally reached an agreement on the terms on the bailout package, which injected a wave of optimism into European markets.
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