Finally Troika Gives In, Greece to Receive Bailout

October 12 00:00 2011

New York, October 12 ( – The Troika which is a body that represents International creditors to Greece has finally given the nod for the 8 billion euro Greek bailout package.

Greece which had monetary reserves to last only till November has been locked in long negotiations with the Troika, but to no avail. In fact before yesterday’s meeting when the International Monetary Fund (IMF), European Union as well as European Central Bank representatives had a look at the financial statements depicting Greece’s economic condition, the odds were that Troika will refuse to give away the next installment in the bailout package for Greece.

The unrest comes on the back of the fact that Greek government’s austerity measures are taking a toll on its economy. This is further likely to reduce the tax collection. Greek is already struggling to meet the fiscal targets set by Troika.

Meanwhile, there is also a high probability that there might be political and civil unrest in Greece. Citizens are taking to the street almost every day. There has been repeated rioting over the austerity measures which spells into job loss and pay cuts for many Greek government employees.

Troika is wary both of the financial viability as well as the possibility of the regime being overthrown by the masses. This is the reason it is skeptical advancing bailouts.