On Friday, Feb. 10, the Greek cabinet approved a draft bill designed to meet the conditions of EU and IMF for receiving the 130 billion euro bailout. Yet it is just a draft bill and to become a law it should pass through parliament. Now eyes are turned to MPs whether they vote in the favor or not. Noteworthy to say, in either case it would not be the end of lasting political feud in the country.

In the best possible scenario, if it crosses over the obstacle of oppositions in the parliament, it wouldn't guarantee aid-release by EU and IMF. But, certainly, it takes the country closer to getting bailout, but does not ensure it at all. To receive the money, there are other requirements to be fulfilled subsequently. After the approval of austerity package by parliament, the EU also wants a further 325 million euros of spending cuts and clear commitments by main party leaders that reforms will be implemented.

Greek people are angry since the very start of austerity measures in 2010. from time to time, protestors with loudspeakers in hand call "no to salary cut", "no to layoffs", "no taxes rise" in front of parliament. Finally, they are forced to leave the ground by police force. Many are arrested and injured, clashing with security forces.

Chanting slogans against government and fellow EU countries have not earned anything for the protesters yet. They go frequently on strike to stop the approval of austerity packages, but there is no choice ahead. As technocrats interim Prime Minister, Mr. Lucas Papademos, clearly noted during a speech for cabinet members last Friday that the alternative was "catastrophic". Despite his explanation and warning about the prospective of deal failure with EU and IMF, six of his cabinet members resigned.

The controversy is too sharp in the House too. The LAOS political party stands against the motion which owns portion of parliamentary seats. But it is not only with LAOS. Two of ministers from PASOK political party also resigned over the approval of austerity package last Friday.

Former Prime Minister, George Papandreou resigned after mounting pressures from inside and outside last year. He was under severe pressure by Greek politicians over making deal with fat-pocket countries like Germany to cut sharply public expenditure and increase public revenue. On the other hand, he had to attract the attention of European fellows and international financial institution to provide loans otherwise the country would move steep down to bottomless pit of crisis.

His successor, the current Prime Minister, Mr. Lucas Papademos, has moved on the very same path. As part of commitment to bailout providers, he has introduced tough measures in hope to pull the economy back on the track. Because loan providers ask for conditions one of those conditions is to bring down budget deficits and save revenue in order to bring the level of sovereign debt which stands at 160% of GDP.

But meanwhile after all these series of steps, many are not satisfied. "Greek promises on austerity measures are no longer good enough because so many vows have been broken and the country that has been a "bottomless pit" and has to dramatically change its ways," German Finance Minister Wolfgang Schaeuble said Reuters News agency. He has added that it was up to Greece whether the country can stay in the euro zone as part of its efforts for competitiveness.

"The promises from Greece aren't enough for us anymore," Schaeuble said. "With a new austerity programme they are going to first have to implement parts of the old programme."
The question is why the global economic recession hit the Greece so hard that it experiences almost five years of consecutive economic depression and economic slowdown?

The main reason is spending beyond its means. For years, the public expenditure surpassed public revenue. The gab between expenditure and revenue was big and larger than it should have maintained as part of its commitment to the currency union. The only way to fill the gap was to borrow from domestic and foreign market without much concern about the consequence of accumulating debt.

Higher public expenditure caused the increase of wage and salary in the country, which made the manufacturing goods quite uncompetitive in comparison to high-quality goods manufactured in countries like, for instance, Germany. Wage and salary spiral increase affected largely the housing and real properties. As a result, many prospered during those good years.

After the 2008 financial crisis, the real properties were hit hard across the globe and their prices decreased dramatically.
Now it is the time to repay the loans about $19 billion matures in March. If it does not receive the second 130 billion euro international bailout, it will default which may according to Prime Minister, Lucas Papademos, prove catastrophic.

So, in order to be able to pay back the loans, it needs to go after citizens and increase taxes for the sake of public savings. It was alright with citizens to share the burden if the situation was satisfactory. But the situation is really very bad and there is nothing in the people's pocket to pay for the government. In another word, squeezing the economy further only shrinks it and does not give out anything. The unemployment is around 20 percent. Many have lost their houses and many others are on the long-list to lose.

Moreover, during years people have familiered with a prosperous life style. So, when the government applies austerity measures and cut the wages and salaries, naturally people stand against it.

Now as German foreign minister said, "It is up to Greece to stay or leave the euro zone". If it wants to stay, seemingly there is nothing else other than squeezing the economy so hard, which of course further deteriorates the situation. If it leaves, the consequence is even bigger, according to experts. As an individual said to a news agency, "Seemingly, we are damned either way".