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Tuesday, 21 June 2011

Greece. The struggle continues...

Crucial night for PASOK and Greek PM George Papandreou as he faces a vote of confidence in Parliament at 6 p.m. our time. The government is expected to get through that vote but they would then have to pass a law next week allowing them to go to phase 2 of the austerity measures which are draconian and severe. Its any ones guess as to whether Parliament would vote the measures through but if they don't then the country would have to go to an election. If that happens there will be no reserves left to pay anyone and the state would have to declare bankruptcy... that could signal stage 2 of the global credit crunch and a depening of the recession.

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