Agreement reached on euro 130 billion Greek bailout

The euro 130 billion bailout deal must still be approved by all eurozone national parliaments.

Greece today is just like the Parthenon.

Will the euro 130 billion helps to turn the economy around or are the bankers/investors trying to salvage their investment and to squeeze the last drop of blood from Greece.

"We are like drug addicts who have just been given their next dose, this is what they have reduced our country to."

"For the first time, I am embarrassed to say I'm Greek."

Greece will be forced to set up a separate account that gives legal priority to debt and interest payments over paying for Government services (paying salaries, welfare, pensions, etc)

A permanent surveillance committee will be stationed in Greece to inspect Greece's finances and the implementation of austerity measures.

With current unemployment rate exceeding 20%, youth unemployment reaching 48%, already 4 years into recession with wages reduced by 40% so far, economy shrunk 7% annual rate during the 4th quarter of 2011, under the new deal, Greece is expected to retrench 15,000 government workers immediately and a total of 150,000 workers by 2015; To reduce their wages by another 20% and to reduce minimum wages by 20%.

With rising cost of living and food prices, it is going to be 'a new hell' for the Greeks.






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