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Wednesday, February 15, 2012

Greek conservative takes bailout pledge to the wire - Dina Kyriakidou

http://www.reuters.com/article/2012/02/15/greece-idUSL5E8DF01W20120215

Papademos has said that failure to back the bailout would consign Greece to economic catastrophe.
But with many Greeks suffering huge cuts in their living standards and young people burning and wrecking almost 100 Athens buildings in one night on Sunday, some people believe the catastrophe is already under way.
"On the current path - which is not sustainable in my view - we may very well see Greek GDP go down 25-30 percent, which would be historically unprecedented. It's a disastrous crisis for them," said Uri Dadush, at the Carnegie Endowment think tank in Washington.
That would put Greece in the same league as the United States, where the economy shrank 29 percent during the Great Depression.

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