The Dutch parliament has approved a bailout package to help Greece through its current budget crisis by a large majority. The Dutch government has agreed to provide Greece a nearly five billion euro loan as part of a European aid package. Parliament was called back from its spring recess to vote on the package prior to tonight's summit of European leaders in Brussels.
Six weeks ago, the Dutch parliament voted against providing Greece direct aid. The difference now is that the current aid package is part of a joint International Monetary Fund-European Union effort, under strict supervision. The total package calls for 110 million euros in loans and aid spread out over three years.
In addition, the financial problems are even more severe than initially thought. The Greek government is on the brink of financial collapse, and Spain and Portugal are also facing massive budget shortfalls. Bond and stock markets in Europe have fallen sharply this week.
The financial crisis has brought the common European currency, the euro, under pressure. The euro is at its lowest value against the dollar in fourteen months. Some parties in the Dutch parliament are calling for the re-introduction of the guilder.
The French and German parliaments have also approved the aid package. The remaining 12 countries in the euro zone are expected to follow suit later today.
Photo of Giorgios Papandreou by partisocialiste (flickr)
Email this Article
Printer-friendly version
At this point in time there is no other choice but to put together a financial infusion of liquidity into the Greek economy. The public and private "business models" in Greece will be at the very least restructured or added to in neutralizing profound weaknesses or omissions. The Papandreou government also fears that any non-compliance with the required measures would invite some uglier alternatives such as a return of a junta to implement the direct enforcememnt of these economic measures. Strikes, riots, and other protests will only dig the Greek public only deeper into the present predicament. An old saying states that: " tears do not add value to money", this will also apply to social violence and sabotage of national productivity. The world has a far greater stake in Greece now, and that equity will certainly be acted upon with the utmost vigour, more than enough to transform the Greek way of living beyond the forseeable future.
The human species, according to the best theory one can form of it, is composed of two distinct races, the men who borrow and the men who lend.
One condition should be that the Papandreou government steps down. This family has governed Greece for three generations. No corruption???
Post new comment
Please be reminded all comments must be in English, short and to the point - guideline 250 words. Abusive and inappropriate comments will be removed.