Greece just announced cuts of $6.6 billion from its budget. Victory, right!
Not so fast.
If this was all it took to get a bailout from the rest of Europe, then why is the country’s prime minister making not-so-veiled threats to the EU via the media. In this case, Reuters reports that Greek Prime Minister George Papandreou told his fellow Greek leaders that if there is no bailout, then Greece will have to go to the IMF.
In other words: If you don’t bail us out, Angela Merkel, we’re going to turn the EU into a developing-world basket case.
Maybe that explains the wild action in euro-land this morning.