Greece: Austerity Measures and the Path Ahead

Athens agreed to severe new austerity measures May 2 to secure emergency assistance from the International Monetary Fund and European Union and thus avoid a default. While other eurozone nations are trying to portray the aid as necessary for stability of the eurozone, and not Greece specifically, domestic constituencies, particularly in Germany, are opposed to the bailout plan. The Greek public will also find much to dislike in the plan, and the proposed budget cuts could spark severe domestic unrest the likes of which has toppled Greek governments in the past.