In what seems to be a never ending saga, the Greek crisis has now hit another critical point. While the austerity measures agreed to this week were a necessary step towards cutting Greece’s debt load, it came at great political and social costs as internal unrest has hit a new fever pitch.
There is still no deal with bondholders, and no assurance from the Troika that Greece will receive a bailout payment in March. A lack of confidence in Greece’s ability to impose long-term fiscal discipline is understandably a major concern, as Merkel and others are now perturbed by Greece’s indecision, which has shaken markets.
To get an overview of recent developments in Greece and what might be store in the coming weeks, check out this video from the BBC. At the present time, Greece’s economic future depends on whether it can set political bickering aside and establish a credible plan to cut its debt in an orderly fashion. Otherwise, default may soon arrive.