Greece Will Get Aid

Yale professor John Geanokoplos thinks Germany will bail Greece out eventually.The euro is too important to allow Greece to fall off the table.He expects that Greece will get some help,but the European Union will be tougher on Greece to cut public service salaries and positions.After the holiday celebrations die down in January,Greek labor unions may start focusing on any threatened reductions.
The Greek parliament recently approved Prime Minister George Papandreou's proposed budget cuts.Greece's troubles came to a head when Moodys cut Greece's credit rating from A1 to A2,warning of further cuts and joining the other bond ratings agencies,Standard&Poor's and Fitch,in criticizing Greece's big deficit.Germany is generally regarded as the EU's economic powerhouse and a logical source of aid for struggling members.