Wall Street Journal
September 26, 2011
Here’s a quick look at where things stand with the euro-zone crisis for those who need help navigating this confusing and complex situation.
GREECE’S VOTES — The most immediate trip wire is the Tuesday vote in Greece’s parliament on a crucial tax amendment that is being seen as a first test of confidence in the Socialist government as it tries to push unpopular reforms in the face of rising internal party resistance. The next real test will be a second set of reforms — even more controversial because they slash pensions, cut public-sector jobs and raise taxes on the poor — that will come before parliament in the next few weeks.
TROIKA TALKS — The crucial talks between the European Union-European Central Bank-International Monetary Fund “Troika” with the Greek government remain on hold as Greece pulls together another six billion euros in cuts and taxes to hit its promised 2011 target. At stake is the next eight-billion-euro bailout payment, without which Greece goes broke within weeks. The troika has a mid-October deadline and could resume meeting already next week. Euro-zone finance ministers now signal they won’t decide at their next meeting Oct. 3 on the next Greek aid tranche, as earlier expected.
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