Greek Leaders Face Olympian Hurdles

The EU has accused Spain of overstating its 2011 budget deficit thus making it easier to make progress in 2012. Furthermore the EU is upset about delays in austerity measures ahead of regional elections next month.

AUSTERITY in the euro zone has been under attack ever since the first economist representing the troika (IMF, ECB, EU) set foot on Greek soil. Actually, the troika may become more of a duoika (?), according to Athens News (via Tim Duy), because the one-sided emphasis on austerity is enervating the IMF.

In spite of all the huffing and puffing and bluffing, once again the Greek puppets will likely dance to the strings of the Troika and pass austerity measures required for Greece to get the next tranche of money. Unions, lawyers, pensioners, and workers in general are not pleased with Prime Minister Antonis Samaras and have planned a major series of strikes. I expect violence if Samaras musters the votes to pass the bills. There is likely to be violence before the vote as well.

The French government has shied away from calling its 2013 spending plan an austerity budget — instead dubbing it a ”serious budget… and a fighting budget.” With its stated aim to bring down the country’s deficit to 3% of GDP, however, the budget shares the same goals of other deficit-taming austerity measures already in place across the euro zone.   A Tight Deadline  

Greek elections are set for June 17th following the impasse of the last election where no majority government formed. The "Destroy Greece to Save the Euro" clowns led by German Chancellor Angela Merkel are out in force hoping to turn the vote into a direct referendum on the Euro. The election is of course a direct referendum on the Euro, but Greek citizens are under three Fantasyland ideas. Three Fantasyland Ideas

By Nicholas Kennedy: View: Painful bailout terms exceeding Greek tolerances, official lenders need haircut