Greek Update

Posted on February 13, 2012

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Late Sunday night the Greek parliament made a difficult decision to pass the new austerity measures as terms of the new bailout bill. Although overwhelmingly supported the minimum wage in Greece has decreased to 600 Euros a month and taxes on income have become even higher. Public services will decrease requiring the closure of several medical centers and hospitals. The nations already high 48 percent unemployment will continue to rise as a response to the closure of public service centers as well as other jobs in the private sector to respond to the decrease in government savings. These austerities ensure a better economic future and global competitiveness for Greece, but make it even harder for the average citizens to bare this economic crisis. The markets will open high tomorrow at the expense of the Greek people.

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