The Greek Parliament passed austerity measures that were a crucial step to getting a €130 billion eurozone bailout yesterday. However, the country isn't out of the woods yet. Eurozone financial leaders will meet Wednesday to discuss the logistics of the bailout, which won't get approved—if it gets approved—until March. The austerity package, which includes wage and pension cuts and reduces the government payrolls by 150,000, passed by a 199-74 vote, but was accompanied by mass protests leaving forty buildings in Athens aflame.
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Chart of the Day
Greece has tried many different solutions to fix its debt problem, but as this chart shows, it hasn't been working. The austerity measures passed yesterday are a last-ditch effort for the flailing country as they try to avoid default.
Reason to Get Out of Bed in the Morning
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