Sunday, November 06, 2011

Greek Turmoil - Eurozone Crisis

BBC News: Reports that Antonis Samaras the leader of the Conservative New Democracy Party in Greece has stated that the current Greek PM George Papandreou must step down before there can be a short term Coalition Government. Thus the confidence vote for Mr Papandreou was a short term victory, the Opposition wants his head before they will support the tough EU austerity package for Greece. The question is will the people of Greece buy in to the package, will they pay the new taxes via their electric bills, will the Unions accept the cuts in the public sector, will the Greek people accept that the austerity package only takes them back to the position that Greece has nearly two years ago, of 120% to GDP. It can be argued that the politicians and people of Greece are in a drugged state of not seeing the truth, the Greeks need to be out of the Euro, otherwise they are the servant of Berlin, and Berlin has the money and can demand how high Greece jumps, what a poor state of affairs for Greece.

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