Greece Passes Sweeping Cuts

In ascesa
Greece protesters

Mr. Venizelos defended the government’s decision: ”That has to happen by tonight, in other words by Sunday midnight, so that by the early hours of Monday the financial and banking markets have got the message that Greece wants to and can survive,”

And More Mr. Papademos said: “A disorderly default would throw the country into a disastrous adventure. It would create conditions of uncontrollable economic chaos and social eruption. With the implementation of the program it is expected—most likely in 2013—that it will lead to a recovery in the economy and growth rates of 2.5% to 3% in 2014 and 2015.”

Abstract from WSJ by Alkman Granitsas, Matina Stevis and Nektaria Stamouli