Monday, 27 June 2011

Will they - Won't they?"



This week is set to be an interesting week in the domestic affairs of that battered and beleaguered  nation which is Greece. Last week Euro-Zone finance ministers gave Greece two weeks to approve stricter and sinister austerity measures in return for another 12 billion euros in emergency loans, piling the pressure on Athens to get its hamstrung finances in order. This week there is a real possibility that Greece will not be able to pass a new austerity bill, which would in theory mean, that it won’t get anymore bailout money, meaning an imminent default - and meaning a crises intensifies in the Euro-Zone and deepens’.

It is now being reported that as many as four PASOK deputies are considering not voting for the government’s medium-term fiscal plan in Parliament this week, and possably leaving the ruling PASOK party with the slimmest of majorities to pass the new set of austerity measures through the House.


Greece has been told by its European Union partners and the International Monetary Fund that it has to pass the latest round of spending cuts and tax hikes in order to qualify for a July loan instalment of 12 billion euros and to move a step closer toward agreeing a second bailout with its lenders.

Without the July chash , Greece will go bankrupt. However, the government and its new Finance Minister Evangelos Venizelos has yet to convince all 155 Socialist MPs, that they should back the midterm fiscal plan when Parliament concludes its debate and vote on Wednesday.


There are as I say four Pasok MPs from the ruling socialist party who have signalled their opposition to the measures, whether the MPs stick to their guns remains to be seen, and this news should surly be welcome news; something to build upon outside of Parliament were the real opposition has been battling with state police on the streets for months.      

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