(Roarmag) Amidst mass protests and an historic 48-hour strike, one ‘no’ vote by a Greek MP could tip Greece into bankruptcy and the world into global financial meltdown.
The eyes of the world are on Greece. Or, to be more specific, on Syntagma Square, where 300 MPs prepare for a crucial vote on the EU-IMF imposed austerity package — and where hundreds of thousands of Greeks will converge to stop the vote from being passed in the country’s first 48-hour strike since the fall of the dictatorship.
There is an uneasy tension in the air in Athens. Just yesterday, Communist protesters stormed the Acropolis and unfurled a giant banner calling for a massive organized counterattack. Today, over 5,000 policemen have mobilized in central Athens to prepare for an epic stand-off with hundreds of thousands of striking workers and indignants.
What is going on in Athens right now is truly historic. Indeed, superlatives aside, it is nearly impossible to describe the gravity of the situation at hand. What happens in the next 48 hours in Athens will determine the fate of the entire eurozone, the EU and — indeed — the world economy as a whole. This is the very climax of the eurocrisis.
Here’s the short synopsis: today, Greek members of parliament will start debating a new round of austerity measures, which are a condition for Greece to receive both the fifth tranche of last year’s bailout, worth €12bn, and a second bailout, worth €80-120bn from the EU and IMF. They will vote on the measures on Wednesday.
Now, if Parliament votes against, Greece will be denied both the fifth tranche of last year’s bailout and the second bailout by the EU and IMF. As a result, Greece will be forced to formally default by mid-July, when several billions of euros worth in three and six-month bonds mature.
In the midst all of this, hundreds of thousands of Greeks are expected to converge upon Syntagma Square, right in front of Parliament, for the largest mass demonstration so far — coinciding with the country’s first 48-hour strikesince the fall of the dictatorship and the establishment of democracy in 1974. Unions have threatened to storm Parliament and physically prevent the vote from taking place.