Greek vote a big step but debt crisis lives on: analysts

EUbusiness, 13.01.2012

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A deal to save Greece from default, boosted by a vote in Athens agreeing more austerity, marks a turning point in the debt crisis, but the outcome is far from clear, analysts warn.

Four months after eurozone leaders pledged to ring-fence Greece's finances, public and private partners at home and abroad look finally to have opted to keep the eurozone intact, almost two years after a first, failed bailout attempt.

The new rescue package, due to be endorsed by eurozone finance ministers on Wednesday, effectively "closes one crisis chapter, although the crisis is by no means be overcome," Janis Emmanouilidis, the senior analyst with leading Brussels think tank, the European Policy Centre, told AFP.

"Only time will tell whether Greek debt will in the end reach sustainable levels and whether the country will be able to push the 'restart' button," he said, citing "a danger that governments might become complacent, after the crisis has moved from 'hot' to 'cold'." […]

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