It will work. Greece does not want to disappoint itself anymore than it has by handling national spending so poorly as in the past decade. Greece seems to be stabilizing its GDP and one the debt is restructured, with careful oversight, the Greek government should be stable. I don't believe this is going to get out of control again. Citizens are disappointed and the public 'pact' between citizens and governments should not be so fluid that everyday life becomes destablized.
If the current Greek leadership can instill confidence after this next measure there will be less and less negative political dialogue within the citizens. I remain optomistic. I believe Greece seeking stability with so much change in such a short period of time is the best outcome for its people.
...Under the guidance (click title to entry - thank you) of its international bailout lenders, the European Union and the International Monetary Fund, Athens is struggling to rein in its public debt and fiscal deficit to avoid bankruptcy and a possible exit from the euro.
Part of that effort is a plan to cut Greece's privately held debt load in half, which the budget draft said would entail swapping 200 billion euros ($270 billion) in existing bonds with 70 billion euros in new paper and a 30 billion euro payment in cash to creditors who take part.
Excluding the effects of the debt swap, the budget draft predicted the country's fiscal gap would fall to 6.7 percent of gross domestic product next year, from 9 percent in 2011....
If the current Greek leadership can instill confidence after this next measure there will be less and less negative political dialogue within the citizens. I remain optomistic. I believe Greece seeking stability with so much change in such a short period of time is the best outcome for its people.
...Under the guidance (click title to entry - thank you) of its international bailout lenders, the European Union and the International Monetary Fund, Athens is struggling to rein in its public debt and fiscal deficit to avoid bankruptcy and a possible exit from the euro.
Part of that effort is a plan to cut Greece's privately held debt load in half, which the budget draft said would entail swapping 200 billion euros ($270 billion) in existing bonds with 70 billion euros in new paper and a 30 billion euro payment in cash to creditors who take part.
Excluding the effects of the debt swap, the budget draft predicted the country's fiscal gap would fall to 6.7 percent of gross domestic product next year, from 9 percent in 2011....
