Despite promising to renegotiate the bailout deal to soften austerity measures coming down the pike, the new Conservative coalition government in Greece is moving forward with harsh new spending cuts. Even though the New Democracy party supported the bailout and austerity program during the campaign, the Party did promise to soften the austerity blow and have the spending cuts spread out over two years rather than inflicted immediately.
But now, in the face of opposition from creditor nations like Germany, Greece is dropping its demands, and accelerating austerity that has already leveled the Greek economy, shooting unemployment up above 20%.
At least now, for the first time since this crisis began, there’s an alternative to austerity taking root in nearby France, where the Socialists have taken control and are promising to increase wages for working people, while forcing the super wealthy to pay their fair share in taxes again. Let’s hope France succeeds, the whole European continent depends on it.