Looks like there’s no near end to the miseries of Papandreou and Greece. New austerity courses, due to be implemented, and albeit to their pinnacle, are still low (or ‘NO’) measures in the rest of Euro-Zone’s opinion.
When Papandreou, The Greek Prime Minister, laid out strategies for cuttin’ tax evasions, increased VAT from 19 to 21 per-cent, upped excise duties in tobacco and alcohol, and to top’em all, imposed 30% cuts on the holiday bonuses of Civil-Servants, his plans fomented-up the general public.
On one hand he’s being criticised by his own men for implementing austerity measures and on the other, by the world for being too soft and tardy. There ain’t much left for him to do and his dreams to cut the budget deficits from 12.7 to 8.7% (of GDP), this year, seems like a real-far-cry.
Greece’s borrowing requirements (for the current year) is already touching 53 billion Euros and desperate as Greece is to fund it in, the bond yields are up at 6%, and it still can’t find buyers. (Who’d take the risk, right?)
Greece is silently yet keenly watchin’ out for bail-outs from Germany and France (‘for they are all, all honourable men’) but Germans argue (and plausibly enough too) that that’d help Greece to get-off-scott-free after its years of disingenuous behaviour.
So, has Greece caught-22? Let’s wait ‘n watch.