Greece has been living beyond its means; even before it joined EURO. Soon enough, public spending increased and public sector wages practically doubled. In addition to all this there was great tax evasion for quite a few years. Now, Greece is in the 5th year of recession, starting in 2008, with unemployment rising and with a total debt in the neighborhood of $475 Billion. It was matter of time for IMF to “offer” some help. IMF has the “delicate” position “to promote the health of world economy”. Of course such help does not come without any conditions. Specifically, this year Greece was facing the dilemma of “austerity package” by the IMF versus “leaving the eurozone. No middle ground seemed possible. Leaving the Eurozone would mean not only economic but also social disaster, decreasing Greece’s standard of living to almost 50%. On the other hand , approving the “austerity package” would mean reductions of the national minimum wage to less than €600 per month, made it easier to fire workers, while harder to hire new ones, increase of daily product prices etc. ..
In February 12, 2012, the “austerity package” was approved and gave the Greeks citizens a chance to express their feelings about it.