Breaking:Greece braces for more austerity to avert default

ATHENS (Reuters) - Greece on Sunday pledged to take the tough decisions needed to avoid default but announced no new austerity measures to secure international bailout funds next month.

source reuters

"If we want to avoid default, to stabilize the situation, to remain in the euro zone ... we must take big strategic decisions," he said.

EU finance ministers made clear to Greece over the weekend it must meet targets to get fresh funds but broke no new ground in dealing with the debt crisis shaking the euro.

This isnt looking good for the greek people at all austerity means more riots more protests and even a revolution to make it even more intersting in the local elections Communists in greece have been gaining for the first time since the 1960s.

I dont think the current greek opposition will be ant different then George Papandreou at the moment.

Greece will default, this is a forgone conclusion. History dictates this as it has already happened may times. Once Greece puts forth even stricter austerity measures and tightening the monetary supply, the people will hold on to their cash. Manufactures will cut back on production and increase the number of the unemployed. This is a viscous cycle that drives everything down further. Greece is then forced to sell off assets in order to gain capital until there is nothing left to sell. The only thing left for Greece at that point is total loss of sovereignty and depression.

The best thing for Greece is to default and return too the Drachma while dropping from the EU zone. Granted they will suffer a severe depression but at least they will retain their sovereignty and assets. However, Germany and France frown on this as they have the most to loose and the euro zone would most likely break apart. Now with Italy even asking China for a bailout, will Spain, Portugal and Ireland be far behind? Can Germany and France afford to foot the bill? No, but according to Merkel & Sakozy, things will be a little rough and Greece needs to tighten the belt more but it will all be sunshine and roses.

reply to post by pstrron



If may add the EU Union is the worst creation ever created, it was never meant to benefit nor unite the people of europe but rather it is a cold war era redesigned europe the similar way how the soviet union took half the eastern europe along with russia, well now the west (Britian and America) control almost all of the european countries its almost an empire that never stops taking countries with it.

The european union is the sphere of influence of America and Britian, our lives are played like in a chess or a RTS video game with no clear good guys.


In the end america and britian want to take over Moscow and place there flags upon it.