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Wednesday, March 03, 2010

Pressure Eases On Greece

Pressure on the beleaguered Greek economy, and its position within the Euro, eased temporarily as Greece's cabinet approved a new austerity programme today (the third in the last 3 months).

In theory, if the austerity plan can actually be enacted, it will yield 4.8BN Euros from spending cuts and tax increases.

In case that doesn't work, Greek singer Nana Mouskouri has offered her European Parliament pension (she served as an MEP 1994-1997) to help ease the pressure on the public finances.

However, this respite is only temporary, announcing a new budget and actually implementing it are two different things entirely.

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