Many Greeks must be wondering why they went through the last month of hardship and pain?
They came out worse now than they did before last week’s vote.
As the Greek Parliament agreed to the new proposal to restructure its debt and rework its pensions and social programs, while levying higher taxes on its citizens, no one seems to mind that this austerity program is far more draconian towards the people than the measure voted down last week.
While the cuts under the new program help businesses — cutting the rate to 28% from the 29% voted down — VAT levies against consumers rose 26 basis points and restaurant taxes increased 10 percentage points.
So the “No” vote was not only symbolic, but ultimately hurt the average Greek citizen, who will pay more of the burden.
The question for the weekend is whether the Trioka and 19 Finance Ministers will provide Greece with the $83 billion in emergency financing to get the banks open on Monday and the approval of the restructuring plan on Sunday to keep the nation in the eurozone.