February 21, 2012
The massive new bailout approved for Greece early Tuesday should rescue it from immediate bankruptcy. But can the country survive being saved?
No matter how you cut it — and plenty is being cut — Greece is still only at the beginning of a long-term retrenchment and reform program that will inflict yet more pain on its people, who have already seen their living standards plummet.
The question, analysts say, is whether the country can come out the other side of the process with its democracy, economy and society all intact.
From almost unprecedented infringement on national sovereignty to a radical overhaul of the economy, the $170-billion bailout program approved by Eurozone finance ministers, the second such package for Greece in less than two years, will leave little of Greek life untouched. Yet even backers of the plan can't guarantee that it'll succeed in the face of fearsome market, political and popular pressures.
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