Calls Grow For Greek Marshall Plan
As budget cuts and tax increases push Greece deeper into recession, politicians, economists and business leaders are calling for a new approach — a Marshall Plan that would jolt its economy back to life and give its citizens new hope.
The Associated Press reports:
Debt-ridden Greece is currently negotiating a second rescue package, on top of the euro110 billion ($158 billion) it was granted a year ago. However, those loans depend on harsh austerity measures and an overhaul of Greece's economy, which are designed to make the country fit in the long-term, but will likely worsen citizens' financial pain in the short-term.
At the same time, billions of euros foreseen for Greece are languishing in EU coffers, as the country struggles to come up with its part of the funding ...
As angry demonstrations and defecting lawmakers endanger the passage of the vital new reforms in parliament, politicians are increasingly realizing that Greece's people will need some prospect of a better future to make the belt-tightening more bearable.
