Greece survives to default another day. Greek Prime Minister Papandreou can breathe a slight sense of relief. Today he found just enough votes to make it through a very close confidence vote. The final tally for the vote was 155-143 in favor of the government. If the vote had gone the other way, it would have likely set in motion a chain reaction leading to a Greek debt default. For now, the imminent Greek default has simply been postponed to a later date.
While the EU elite may be pleased by today's vote, the situation still remains grim as the Greek economy continues to struggle with high unemployment, negative economic growth, and harsh austerity measures.
It should be noted that the Greek parliament still needs to approve more austerity measures to qualify for EU/IMF bailout money.
Black Swan Insights