To give you an idea of how many people that would be in New Zealand, the Greek population is about 11 million so to extrapolate that to New Zealand’s 4 million population you would end up with about 5455 newly unemployed! If the newly unemployed is the sole bread winner you end up with about 4 times that much in newly soon to be destitute, homeless people because if you can’t pay your mortgage and there is no chance in hell you are never going to get another job you are screwed. Welcome to the new world order! You think it can’t happen here? Think again!
A few hours ago, Greek lawmakers approved a reform law to unlock about €8.8 billion of rescue loans from the European Union and the International Monetary Fund. The law, which was a condition for further aid installments, passed easily with the solid backing of the three parties comprising Greece’s ruling coalition, by 168 to 123 votes. Next, euro zone officials will meet on Monday to approve overdue payment of 2.8 billion euros ($3.65 billion) in rescue loans, finance minister Yannis Stournaras said. Euro zone finmins will then meet on May 13 to release a further 6 billion euro installment, he added. The use of proceeds? To have enough cash to pay salaries and pensions, and of course to pay Mario Draghi for a bond that matures on May 20. The fact that Europe has gotten the green sign to hand over some pocket change to Greece, so Greece can pay for the maturity on Greek bonds by the ECB was the good news (for someone, unclear exactly who). The bad news, for Greece, starts now.