Papandreou has somehow managed to make it through but there is still the question of what happens next? Amazingly enough, the euro has held up the last few days and even gained despite the increasing talk of a Greek default and a Greek exit from the euro. A bailout can still happen but that is only going to push the problem out for a while. If Greece goes, what happens next in Portugal and Ireland? The Guardian:
The vote kicked off a crucial three weeks that could make or break the euro. Leaders in Brussels spoke of the worst crisis in Europe since the second world war, the International Monetary Fund (IMF) set ultimatums before the 17 countries of the single currency, and international ratings agencies classified the bailout terms for Greece as a likely default.Meanwhile in Germany, the press is continuing to work the country into a lather over the Greek crisis. Between the Greek bashing (which was in fashion last year as well) and the more recent Spanish-bashing from the food crisis, maybe Germany needs to look in a mirror and ask some questions about it's borderline racist attacks on neighbors.
In order to secure an immediate €12bn lifeline and then EU agreement on a second bailout running to more than €100bn over three years, Papandreou now has to persuade parliament to back a radical programme of spending cuts, tax increases, and a mass assets sell-off by the end of next week.
The roll-call ballot took place in an electric atmosphere with Greeks from all walks of life converging on Syntagma Square. Angrily punching the air as politicians debated the country's parlous economic plight, protesters shouted: "We give a vote of no confidence." Riot police looked on and, as tensions rose, many protesters lobbed bottles of water at the parliament.
