Greece support austerity bill

Riots have raged all around Greece injuring police officers and protestors, while the Greek Parliament voted in favor of the austerity bill. The lawmakers stated that this bill was necessary in order to avert default in the following month. 

This particular bill was needed in order to receive a new round of monetary loans from Greece’s international creditors. Although this bill comes as a huge disappointment for the population of the country, Greece’s markets residing in the eurozone were able to relax. Had the bill not been passed there would have been a Greek default that could have led to an European banking crisis and much turmoil in markets all around the world.

On Thursday another bill must be passed so that the money can be received.

"We must avoid the country's collapse with every effort," Prime Minister George Papandreou stated before the vote. "Outside, many are protesting. Some are truly suffering, others are losing they privileges. It is their democratic right. But they and no one else must never suffer the consequences and for their families of a collapse. We must do everything so that there is no freeze in payments."

The European capitals agreed with the Greek vote as all had been worrying about the damage a Greek default would have created.

"That's really good news," German Chancellor Angela Merkel said upon hearing the news.

The leaders of the EU commission also approved the vote and urged the passing of the second bill on Thursday. They said that Greece was able to take "a vital step back — from the very grave scenario of default".

Leave a Comment