A recent report has revealed that a visit this week to Athens has helped in putting local difficulties of Europe into context. The visit had been organized by the European Commission, the report says, which was aimed at informing journalists belonging to other EU countries regarding Greece's state of affairs.

In the week, the fold was left over the budget by another Labour TD and the big news was only that Greece had got cleared the way to receive its massive second bailout.

It is being said that the Irish people would need to contend with a €3.5 billion adjustment package impact. However, the Greeks would require bearing €13.5 billion in extra taxes as well as spending cuts over the coming two years.

The report says that the arrival on deep austerity's top of five years has put all the issues in the ha'penny place. Prime Minister Antonis Samaras says that the Greek economy would have shrunk in the period since 2009 by a quarter by the next year end and the same is over any other country's endurance in Europe during the peacetime.

"This is something that has held us hostage. Will Greece stay in the euro or go? This story will have a spillover effect on the economy and psychology", the report says.