By Peter Boone and Simon Johnson
In every economic crisis there comes a moment of clarity. In Europe soon, millions of people will wake up to realize that the euro-as-we-know-it is gone. Economic chaos awaits them.
A few hours ago, Greek lawmakers approved a reform law to unlock about €8.8 billion of rescue loans from the European Union and the International Monetary Fund. The law, which was a condition for further aid installments, passed easily with the solid backing of the three parties comprising Greece's ruling coalition, by 168 to 123 votes.
(BRUSSELS) — Greece‘s international creditors failed to agree Monday on how to get the country’s bailout program back on track and put off again the release of the next batch loans that Athens is using to pay its day-to-day bills. However, European finance ministers meeting in Brussels did decide to give Greece two more years until 2016 to reform its economy — one of the conditions of its bailout package. But they could not agree on how to pay for the extension or when the country’s debts would reach a manageable level.