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George Kailas

George Kailas is a DPhil student at St Anne's College, University of Oxford

Ending what has been a tumultuous six-month long negotiation process, last week the Greek Parliament approved the first package of austerity measures required by Greece’s creditors as part of the “Greekment” reached in the early morning hours of 13 July 2015 in order to initiate talks on a Third Fiscal Adjustment Programme (or “Memorandum”) and avoid Greece’s expulsion from the Eurozone. According to early reports, this Memorandum cover the Greece’s financing needs for the next three years, but will require the harshest set of austerity measures of the three fiscal adjustment programmes to date. In this first package alone, the Greek government is obliged to implement tax increases and pension cuts totalling approximately 2% of GDP, while future austerity measures …