Greece Passes 2013 Budget

Greece Passes 2013 Austerity Budget – WSJ.com.

The Greek parliament passed next year’s budget by a 167-128 tally with all of the coalition members voting “yea.”

Now, it is up to the troika to release the funds as promised, but it will take time. Approving the money while there is not a burgeoning crisis will make northern tier voters resentful. Therefore, Greece will have to wait until November 26.

By this time, panicky markets will have expressed their displeasure at the potential of a Greek default. This will allow the troika to release the funds and tell taxpayers that keeping Greece afloat is necessary to preserve the fragile economic situation in the eurozone.

Voters will not be happy, but they will understand. Sooner or later, these brinkmanship politics will lead to a disaster but not this November.

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