For Greece, the savior now seems to be lying in Germany alone. Not that the other eurozone members are not helping out in this. They are trying everything in their powers to help the country which is reeling under debt burden worth billions of euros.
But despite of so many efforts, Greece has been defaulting continuously and the problem seems to be going as deep as the US housing market. And if the experts are to be believed then it requires similar or some ever more extreme remedies.
Now all eyes are on the Greek parliament which after clearing the austerity plan is now expected to increase bills that would ask for higher tax rates and also increase in spending cuts as well as more loans from IMF. In short, what is now wanted out of the country is that they discover the secrets of Houdini.
Meanwhile, after the austerity plan was cleared the next level of the €12 billion (Dh44bn) aid is now going to reach the country even if it reaches late. Now some of the proposed measures include cutting down of spending by €28 billion.
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