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February 21, 2012

Greece: Getting $172 Billion More, Facing Heavy Losses and Balking at Brutal Anglo-Saxon Work Regimes.

Well, dang. Greek debt is said to be at about 160% of its GNP. Its second recent bailout coupled with long- and short-term pain in markets both in and out of Greece--add to this more rioting in the streets--prompts one obvious question: Should Greece remain in the Eurozone? While we all think about this, do see this AP story via The Washington Post, "Greeks’ elation at new debt relief is tempered by prospect of years of sacrifice".

ATHENS, Greece — Greeks were torn between relief and foreboding on the news Tuesday that their country has received a new massive bailout — while the aid will protect them from a calamitous default and keep them in the euro bloc, it will also cost households years of economic hardship.

The initial relief created Tuesday by the 17-nation eurozone’s approval of a new €130 billion ($170 billion) rescue package was offset by a grim reality: Greece faces many more years of sacrifice, on top of a grueling 24 months of austerity measures that have contributed to record high unemployment and a rapidly contracting economy.

“I don’t see (the agreement) with any joy because again we’re being burdened with loans, loans, loans, with no end in sight,” Athens architect Valia Rokou said.

The deal in Brussels gives Greece its second financial lifeline in less than two years — a combined package of foreign loans equivalent to about €22,000 ($29,000) for every Greek citizen, children included. National debt already amounts to about €32,000 ($42,300) each.

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Rioting in Athens: What can a poor boy do?

Posted by JD Hull at February 21, 2012 01:29 PM

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