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Greece Burns as Markets Show Relief

ATHENS-The country’s parliament approved a large austerity package that includes thousands of lost jobs. A European Group meeting to determine lending to Greece is set for Wednsday.

By Robert Carr | Updated on February 13, 2012

ATHENS-Though Greece is burning, the rest of the world seems to have reacted favorably to that country’s government approving austerity measures to gain Eurozone assistance. European stocks are up, and the US Dow Jones seems, after a lull Friday, is back nearing the 12,900 mark.

Prime minister Lucas Papademos said in a speech to Greek parliament Sunday that the members were faced with a choice: Either approve a $4 billion cut package that cuts about 15,000 jobs this year (and likely about 150,000 layoffs indirectly), and gain billions of dollars in Eurozone aid – or face the possibility of bankruptcy and ultimately, insolvency as a country.

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