The Key Similarities Between Greece And The US
By Romina Boccia, July 19, 2015 Daily Signal
In June, Greece defaulted on a €1.73 billion payment to the International Monetary Fund. In a national referendum shortly thereafter, the Greeks strongly rejected European conditions for receiving yet another bailout. For the first time in the eurozone’s history, the exit of one of its member countries became a very real possibility.
This week, Athens dodged a steep financial crisis—at least for now. Greek leaders capitulated to the Europeans.
Athens will get its third bailout since 2009 in return for enacting certain reforms demanded by its European creditors. Among the demands are national asset sales (including privatization of Greece’s power distribution network), labor-market reforms, reductions in public pensions and an increase in the national sales tax.
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