Greece has been on the economic ropes lately. After a headlong collision with debt, the eurozone is debating over how to handle Greece’s slip up. Currently in talks to receive their third bailout, political battles have erupted over whether or not Greece is deserving of their third and final chance. Should this latest bailout be agreed upon, Greece is set to meet some strict guidelines informing them how to use the funding. Whether or not the troubled country will be willing to meet these stringent rules has yet to be seen.
One hotly debated topic has the public ire more than roused. Greece’s debt needs to be paid off immediately, and the only viable option is to raise taxes. Naturally, this news was poorly received by a public still reeling from damaging bank closures. Though the means to solve their debt crisis is as time-tested as the taxes being raised, Greece’s citizens aren’t quite as receptive to the tightening of their belts.
The government and their spending will be under tight scrutiny over the coming months, and the debt relief program will be closely monitored after the disbursement has begun. With the threat of backsliding looming over Greece, the added resistance from public sector unions have only greased the already steep slope ahead. Fighting feverishly against the raise in taxes, citizen groups refer to this bailout as barbaric, and will stop at nothing to see that it’s overturned. A divided populace and an economy in the gutter has Greece at its own throat, desperate for a solution.
The forecast for Greece’s relief is grim. Accumulating a mountain of debt, Greece’s fate truly rests between a rock and a hard place. Without a surge in their economy, Greece will continue to need aid from the eurozone in the form of loans, increasing the ever-expanding debt chasm they have yet to leap.