Post date: Feb 20, 2012 1:46:5 PM
GREECE-DECISION DAY - The prospect of a solution to the Greek debt crisis gave markets a lift.
But a resolution depends on the implementation of tough austerity measures.
And the mood on the streets of Athens was less hopeful.
Greeks overwhelmed by austerity measures say they cannot see a solution to the country's problems even if euro zone finance ministers sign off on 130 billion euro bailout.
HOUSEWIFE PANAGIOTA PETRAKI, SAYING:"I don't see light on the horizon. Unfortunately no matter how many loans we receive, if we don't stand on our own two feet we will never see a recovery in Greece."
RETIRED TEACHER, MICHALIS VIKENDIOS, SAYING:
"Even if they cut all pensions, all benefits for the unemployed, and disabled people, the problem will not be solved. It's a dead end. No matter how much money we get if commerce doesn't start working, if they don't write down debt we will never exit the crisis."
Economists say it could take more than a decade to resolve Greece's problems.
Demonstrations against austerity measures are becoming a common scene in Athens.
Thousands took to the streets over the weekend, frustrated with the endless reforms.
But the mood across the rest of the euro zone was brighter as the prospect of a Greek default in March faded.
And even some Greek analysts believe the country can get back on track.
FINANCIAL ANALYST NIKOS CHRISTODOULOU SAYING:
"There is not a lot of trust that we'll reach our targets this year, such as the deficit target which was originally around 5.4 percent. But I believe that with significant efforts we can approach this target, and if all goes well with privatization, there can be a limit to the debt."
The final cuts were still being discussed as ministers arrived to approve the new bailout.
But - despite the pessimism in Athens - it's hoped an EU/IMF loan of 130 billion euros will help restructure Greece's vast debts and put it on a more stable financial footing.
Ciara Sutton, Reuters