Eurozone Issues Ultimatum To Greece

Greece finally faces an ultimatum from the Eurozone to either accept its austere economic terms or make an unsparing exit from the common currency zone. It is required to pass the suggested economic reforms in its parliament by Wednesday, a decision taken at the summit held on Sunday.

The terms were slapped on the embattled country despite a rebellious ‘no’ vote by the majority of its citizens. It is now for Athens to decide whether to accept the strict terms laid out to it or to make an inglorious exit from the currency for an uncertain period of time.

The final ultimatum has left Greece with little option but to accept the austere terms in order to secure a bail-out deal for its dwindling economy. The tough economic measures that have been bestowed on Greece include a total overhaul of the policies that ran the economy for so long. Finnish Finance Minister Alex Stub indicated that Greece has to allow rigorous reforms in various economic sectors that include, VAT and taxes, labour and pensions as well as initiatives on privatisation.

The bail-out which amounts between 82 billion euros to 86 billion euros as suggested by the four page documents would require Greece to permit its creditors to lay base on its soil, a measure that Athens has so far been resisting.

Greece has been thrown into a tough battle ever since it is struck by debt-crisis for the third time since 2010. It has been literally struggling to stay within the Eurozone amid differences in the opinions of the other Eurozone members. Whereas Germany is constantly trying to push Athens to a ‘time-out’ limit, France on the other hand is doing its best to keep Greece from falling out of the Eurozone by trying to work out possible plans for the indebted fellow member.

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