Affirmative Greece Austerity Vote a Blessing or Curse?


After Greece passed its austerity budget in parliament yesterday, the governments of Europe have been analyzing and speculating about what comes next. Though securing another installment of its International Monetary Fund (IMF) bailout, the citizens of Greece expressed their anger at the measure in a day of intense rioting and violence.

Protesters were filling the streets and attempting to blockade entry for MPs trying to enter the parliamentarian building and stop the vote. The budget package includes such measures that will put more pressure on the economically underprivileged in the country, possibly resulting in a refusal to pay taxes among individuals unable to survive by doing so.

Markets responded favorably to the news that Greece was addressing its debt concerns, but a sentiment is being passed around that the medicine may cure the disease, but kill the patient. If Greek citizens begin to resist the payment of taxes, a threat of default moves from possible to inevitable and the region will once more be thrown into turmoil and the EUR may find itself under attack and at risk of dissolving.