Greek Austerity Budget Passed On Sunday

Greece is yet unaware of how to make its debt sustainable unlike Athens may get two years to release its debt.

Eurogroup, the euro zone finance ministers will hold a meeting in Brussels where the main agenda will be how to release the lending to Greece. But, they will not release any new loan tranche in spite of tough time Greece is going through.

Greek parliament passed an austerity budget on Sunday to release the next tranche of 31.5 billion euros loan from the Eurogroup. Final decision is still pending and a second meeting may be called to make up that. Final agreement will be based on how to make Greek debt sustainable after wastrel ways put it into heavy debt crisis in 2010.

However, European Central Bank Executive Board Member, Joerg Asmussen has said that Greece would still struggle with its present condition till 2020 and the debt on it won't come down to a manageable level by then.

Greece will enter into sixth year of its recession in 2013 and will take at least two more years to make downward trend towards it debt. The country has to put in extra time to be able to repay its debt and start rowing again.


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