By Zach Shifflett
It’s been a rough couple of years for Greece, and this week’s European Union bail out, far from spelling hope for the country’s floundering economy, heralds a new wave of job layoffs and spending cuts. European Union officials met Tuesday, finally deciding to bail out the struggling Greek economy to the tune of 130 billion euros, or more than 170 billion dollars.
The decision comes after Greece has been forced by the European Union to impose harsh austerity measures against its citizens, in order to curb the massive national overspending problem. These measures, while helping to cut spending, have angered Greek citizens enough to cause riots and significant unrest within the country.
According to the Associated Press, Greek lawmakers are now voting for another, even harsher, spending crackdown. If the new austerity package is voted into law, 3.18 billion euros, or more than 4 billion dollars, will be taken out of the pockets of Greek citizens. Much of the money is being cut from pension funds and health care.
If history is any indication, Greeks will not be pleased about the new measures. Since the beginning of the austerity measures, Greece has been plagued with rioting and sporadic violence, especially in the capital of Athens. There have been incidents of looting, vandalism, and even destruction of national landmarks as a result of the financial woes.
Although the country’s international debt crisis has been solved for the moment, trouble still remains on the horizon. Some analysts are unsure of Greece’s ability to pay back its massive debt, even in spite of the austerity measures. Still other analysts believe that the new austerity measures forced on Greek citizens will be a destabilizing influence in this year’s elections.Tweet