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What's at stake in Greece

  • November 7, 2012 - 6:41 PM

 

The vote: A parliamentary vote on new spending cuts is the toughest test yet for the country's fragile four-month-old coalition government, which must pass the $17 billion package of measures to ensure Greece continues receiving bailout funds.

Deadline approaching: Greece's next bailout loan installment of 31.5 billion euros, out of a total of 240 billion euros, is already five months overdue. Without it, Prime Minister Antonis Samaras says, Greece will run out of money on Nov. 16.

Stakes: A debt default could push the country out of the 17-country group that uses the euro, which could trigger bank runs, hyperinflation and currency depreciation that would vaporize savings and put many basic goods out of the reach of many Greeks.

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