With the current unemployment rate exceeding 19%, youth unemployment rate at 48%, already 4 years in recession and with the new austerity measures passed by the Greek Parliament on Sunday to cut 15,000 workers in the public sector, to cut another 20% of public sector wages and to reduce minimum wage by 22%, approval for an additional Euro 130 billion to Greece provides just a breather.
Greek economy is expected to contract 4% to 5% this year and Athen Composite Index is currently trading at 776 level, 85% lower than its October 2008's peak of 5334, I really don't think Greece can survive by remaining in the European Union. Ultimately Greece will have to default on its debts and to start printing its drachma.
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