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Is the Greek budget debacle finally over?

News that European leaders have finally agreed a EUR30 billion bailout package for the Greek government has been welcomed by many investors around the world. The very fact that the Greek authorities have not as yet requested the bailout funding is something which European Union leaders have been at pains to reiterate in the hope of instilling further confidence into European money markets. So is the Greek budget debacle finally over?

While there is obvious relief that the EUR30 billion package has been agreed between EU members there is still concern about short-term pain for the Greek economy. The aid package is not simply a funding requirement to bridge the current gap but part of an overall and realignment of the Greek budget which will see cuts in public spending in the months and years ahead. Those who believe it will simply be business as usual for the Greek government and the Greek budget will be disappointed!

In many ways European Union leaders had no choice but to bow to pressure to introduce a bailout package because of the potential knock on effects to other areas of the Eurozone. It is common knowledge that there are other countries suffering similar budget issues and further problems in European debt markets would have scuppered any plans to refinance these countries in the short-term.

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