On Wednesday, the European Union called a decision of Greek Parliament to approve a controversial package of austerity measures, observed as critical to avoid default.
"The country has taken an important step forward along the necessary path of fiscal consolidation and growth-enhancing structural reform”, European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy said in a joint statement. "But it has also taken a vital step back -- from the very grave scenario of default. This was a vote of national responsibility”.
The AFP has quoted a tweet of Steffen Seibert, Spokesman of Angela Merkel, and reported that Germany with feasible economic environment can be considered mitochondria of the 27 members as well as a strong supporter of Greek structural reforms. The power house has greeted the development warmly and marked them as very good news.
Passing the measures, dubbed the midterm economic program, was a condition for releasing the next slice of a bailout loan, notified the international creditors of Greece.
Additionally, the Greek government has renewed its commitment to austerity and opened a way for a new loan agreement with the European Commission, the European Central Bank (ECB), and the International Monetary Fund. The deal is anticipated to be finalized by September.