Thursday, February 9, 2012

After the deal - more pressure on Greece

Euro Finance Chiefs to Defer Decision on Greece

European finance chiefs are set to defer ratifying a 130 billion-euro ($173 billion) rescue for Greece, pressing the government in Athens to put a newly struck austerity plan into action.
“It’s up to the Greek government by concrete actions --through legislation, other actions -- to convince its European partners that the second program can be made to work,” European Union Economic and Monetary Affairs Commissioner Olli Rehn said today as he arrived for an emergency meeting of euro-area finance ministers in Brussels.
Comment: Greece is faced with an immense challenge. It is not only about money and debt and default and bailout. What's going on is that Greece is forced to change its political and social culture. Greece is confronted with the task to perfrom a cultural revolution in a very short time. The transition Greece has to make is also called modernization and in no part of the world and for no country this change has been easy.

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