I was watching CNBC around 2:30 a.m. when this news came across . Even the USA hosts ( one a POM ) were amazed at the absolute lack of detail . The usual Euro Zone vague wishy-washy politically-correct feel-good huggy nonsense . Are we surprised ?

And yesterday there was the sight of Greek public servants going on strike because the austerity measures include no pay rises and ( shock horror ) even staffing cut-backs . The very nongs who helped bankrupt this bureaucratic nightmare land . One chap agreed that measures need to be taken to fix the mess , but that the money should be found else-where . ......... Oh dear !

...."since its Government has announced drastic tax increases, reductions in public sector wages and reforms to its pension systems designed to reduce its budget deficit by 9 per cent of GDP over the next three years. And despite all these painful reforms, the 'bleep bleep' Government's popularity has risen since it won a big election victory four months ago, suggesting that it will probably be able to carry out its plans..."
Timesonline.
I think the Speaker should be reading this out instead of some religious drivel, every day he kicks off the circus. What say the rest of you?

Holiday island hopping around the greek islands was very nice!!

They would support any change that reduced the huge cost burden they associate with joining the EU. Most of the low paid wage earners appear to be Albanian. They will accept modest reform but they need major reform, they need to start working again.The problem is what can they make??? bit like us on that one. I think most will roll over and get another hours siesta,tomorrow is another day.

Did you raed the one about the Arab Ambassador? http://www.telegraph.co.uk/news/worldnews/middleeast/unitedarabemirates/...

Bit like the man who found the magic tea pot, he got one wish which he whispered to the Gennie. The gennie said strange wish but give me a couple of days,two days later in the evening the door bell went, he opened it to find the KKK with flaming touches and a noose. OK said the leader I hear you want to be hung like a nigger,lets get on with it.

Woah, AndrewJ, extremely politically incorrect term in that one, might want to edit it before somebody gets offended?

What Im saying is, we may look at Aussie and say hey, they are bigger and better lets be like them but it doesn't always work that way,careful what you wish for and off course never trust your future mother in law. Ive a bit of tar brush in me so I don't need to be politically correct like all you honkeys
gennie came from my spell checker,Ill give it a thick ear.

Greek workers kind of remind me of those stupid English trade unions who went on strike so they could lose all workers all their jobs. From what I can see the German trade unions seem to be the most rational when it comes to saviong jobs and companies.

I don't think anyone is keen to bail out Greece as they seem to have been living in DeNile for rather a long time.

Looking through some German press this morning there is a lot of negativity towards helping Greece. The tenor is more "a bail out hasn't (yet) been denied" rather than "Euro leaders pledge help." Government MPs using language like "Greek Eurocheats", "why should we pay the pensions of 50-year old Greeks." Also some talk that bailing out another country would be against their constitution. IMF to be involved if there were to be a rescue plan and huge scepticism that the Greeks would accept the austerity measures that would be conditional in any bail out. Main concern appears to be how exposed those German banks are if Greece goes down the gurgler...

The problem with bailing out Greece is, if they dont fix the Greek economy it will just happen again...and again....then there is Spain and Portugal who will say bail us out too........it could end up a never ending tread mill of bleeding the north to keep the South alive while the South wont take its bitter pill...

"Main concern appears to be how exposed those German banks are if Greece goes down the gurgler"¦"

Not just German banks.....the issue is bigger, if the EU does not help Greece and it defaults then the knock on effect means "we" see just how fragile things really are (our consumer purses snap shut) as we watch "Lehman's" left right and centre which would cost far more in panic propping....another few Trillion........if they on the other hand bail Greece for a few billion that real nasty never happens....

I cant help feeling its like walking in a minefield, the first wrong step and its all over....

regards

Funny, it seems to me that Greece's failure could be the saviour of those of us slightly less chronic in our indebtedness - given that default, followed closely by a few more European economies - will (hopefully) also serve to bankrupt the IMF.

What will emerge in this new world order - will it be any better for humankind than an IMF bailout? Who knows. But from an NZ perspective our citizens might fare better than most countries in the relative self-sufficiency stakes.

@Pedro: yet our Govn is talking tax cuts....and compensating those on low incomes to offset GST...palin silly, simply complex and pointless.