The debt crisis in Greece is increasingly turning into a Greek tragedy, in both the literal and figurative sense, as Euro-zone finance ministers emerged from two days of discussion at the Luxembourg Summit to announce that the next tranche of aid to Athens would not be approved until the Greek parliament passes new austerity measures.See the Slide Show >>> The Government Debt of 12 Eurozone Nations
The announcement comes as Greek Prime Minister George Papandreou scrambled to gain approval for the austerity measures, from both the parliament as well as the general populous.
On Sunday, Prime Minister Papandreou made a public appeal for the nation to accept measures that would inevitably hurt most citizens in the short term.
In the meantime, most experts view the Euro group’s – a collective term to describe the Euro-zone finance ministers – decision as a delaying tactic meant to put even more pressure on the Greek policy makers and their citizens.
The Eleftherotypia newspaper in Greece was far more critical of the political game being played by the various parties, describing Greece to be “at risk of becoming Europe’s little whore.”
The latest announcement is bound to fuel further speculation that the Eurozone is heading towards a breakup.
For the moment though, consumer confidence in Greece remains extremely low as most Greek remain very pessimistic about their nation’s economic prospects in the next six months.
Read The Full Article at Spiegel Online
Check out our Real-Time Consumer Confidence Index