Greece defies its creditors: 'No more austerity measures,' says PM

With the IMF, the EU, and the European Central Bank all in Athens to check on the progress of Greece in implementing agreed upon austerity measures in return for bail out money, Prime Minister Samaras has chosen this moment to declare an end to austerity measures. This leaves vital reforms undone, including scaling down public sector employment by 150,000 workers by the end of 2015. With 20% of the country employed by government, and the private economy still in recession, Samaras is challenging his creditors to give him bail out money anyway or face a Greek collapse. AFP: Representatives from the so-called troika of Greece's creditors -- the European Union, the European Central Bank and the International Monetary Fund -- are currently reviewing the steps Greece has taken to meet its multi-billion bailout obligations. Thorny issues that Athens still needs to address include shrinking the number of jobs in the public sector, speed up privatisation plans and recapitalise four of...(Read Full Post)