It is really interesting to see this whole Greek drama unfolding now even after the apparent agreement of the IMF and the European to essentially bailout out Greece by giving it more money on top of what it already owes. The unions there are threatening to give out strikes calls since they have been so used to getting easy money that now it is hard to endure sacrifices. Although the Greek government has essentially agreed to all the austerity measures that the EU and IMF has demanded, but now the hardest part comes to how to convince the Greek people that the day of reckoning has come and there is no other way out of it.
You see that even after the agreement of the bailout money, the international investors are not convinced that the Greeks will come through with all the cuts and pains that the austerity measures demands. They don’t seem to have any faith that the Greek Government will honor their agreement since it all depends upon how the unions react and how the Greek people accept this long term pain and hardship on their lives. It will be interesting to see if the Greek government succeeds in passing all the austerity measures and how far this crisis envelope other weaker European economies.