Since May 2010, the EU/IMF have granted Greece two rescue packages designed to help it escape default. In exchange, Greece undertook to implement a three-year austerity program. But so far, the measures have done little more than cripple the people without any real progress in reducing the country’s debt.
A European audit team is expected in Greece to monitor progress in reducing its debt before deciding whether to release further bailout cash. Fresh austerity measures have sparked a new wave of violent protests outside the Greek parliament. The ‘troika’ audit team from the European Union, European Central Bank and IMF is expected to arrive in Greece today. Their main goal is to check if the country is capable of meeting fiscal targets set by its creditors.
All eyes will be on the German parliament today as it is expected to vote on whether or not to lend even more cash to Greece. Without this eight billion euro injection, Greece might face bankruptcy by the middle of October.