Also, some sort of EU-IMF program looks increasingly likely given the adverse market funding conditions.
About a year after its EU-IMF bailout, Greece has already been forced to negotiate additional support for its beleaguered economy.
FORBES: 5% Upside For Equities Despite 'Austerity Fatigue' Hitting Global Markets
The budget needs to be passed in order for funds to be released from the EU-IMF bail-out package for Ireland.
Martin Wolf, economist and chief commentator at the Financial Times, agreed with Weisbrot that the EU-IMF plan for Greece is impossible.
FORBES: Greece: Preemptive Debt Restructuring Or Eurozone Exit
As for privatisation, more than 20 deals are supposed to have been completed by January, according to the latest EU-IMF agreement.
But that is what the Greek government, as a partial owner, is about to do as part of the EU-IMF bailout package.
FORBES: How A Chinese Economic Policy Could Save Club Med Countries
In a fifth year of recession, the election amounts to a rejection of the EU-IMF austerity programme that the two parties had accepted.
Some key data about bond purchases by Bank of Cyprus - now the focus of a controversial EU-IMF bailout - is missing, investigators have found.
The former ruling party's collapse came three months after it agreed an EU-IMF bailout worth 85 billion euro, which many Irish see as a humiliation.
And on Tuesday he said Hungary must first "review all relevant legislation" on the central bank before formal negotiations on the requested EU-IMF assistance could begin.
"Thereafter, Emergency Liquidity Assistance could only be considered if an EU-IMF programme is in place that would ensure the solvency of the concerned banks, " it said.
The Eurogroup, headed by Luxembourg Prime Minister Jean-Claude Juncker, asked the Greek political class to support the reform package accepted as a condition of the original EU-IMF bailout.
FORBES: Equities Rally As Wal-Mart Gets Supreme Court Ruling
This problem has already dragged Ireland into an EU-IMF program and Spain is now on the verge of being locked out of the bond market for the same reason.
FORBES: Euro Finance Ministers Head for Beach Amid Utter Confusion
Speaking at Omonoia Square downtown Athens, the leader of the leftist SYRIZA party Alexis Tsipras re-iterated his position that this election is a referendum on the EU-IMF Memorandum, and his pledge to declare it void, if he wins the election.
Taken together, these developments suggest there is unlikely to be an Irish sovereign default in the next few years and the country is likely to move out of its current EU-IMF programme towards some mix of private funding combined with actual and contingent official support.
FORBES: After Mrs. Merkel's Irish Jig, Are Ireland's Problems Solved?
Assuming that some form of Greek government emerges out of the political discussions now under way in Athens, it is now almost certain that Greece will get the official money it needs to stay above water a few more weeks, notably the next tranche of last year's EU-IMF bailout.
Greece's creditors - the EU, IMF and the European Central Bank - had said they were worried a new NBG-Eurobank entity would not only have about 40% of the Greek market, but would be hard to recapitalise.
Should it further stress EU and IMF-country taxpayers putting up bailout funds and force Greek citizens to endure more austerity measures?
The "haircut" - hugely unpopular in Cyprus - is a condition for the EU and IMF to grant a 10bn-euro bailout to rescue the Cypriot economy.
Greece, however, struggled to meet 2010 targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for 2009 and 2010.
Second, the Bruegel economists say the IMF-EU supported adjustment programmes need to become more focussed on growth.
Everyone knew that the finance minister was talking to the so-called troika - the EU, the IMF and the European Central Bank.
It will be used to help with the second Greek bailout if that finally gets the go-ahead from the troika - the EU, the IMF and the ECB.
Even the new Finance Minister, Evangelos Venizelos, described the new measures as "tough and in many respects unfair", but he added that was the only way to complete negotiations with the country's new paymasters - the EU and the IMF.
In Romania, too, public-sector unions are up in arms over spending cuts that were decreed under a bail-out agreed with the IMF and EU. Portugal's public workers held a 24-hour strike in March to protest against a wage freeze.
It then accepted a bail-out from the EU and IMF on the understanding that it would not try to burn the senior bondholders of Ireland's bust banks.
The so-called troika (the EU, IMF, the ECB) is delivering its report this week.
Then the EU and IMF will work on a second bail-out thought to be around 120bn euros.
In Europe, the debt crisis had worsened again, with Greece warning in October that it could not come up with the degree of cost-cutting demanded by the IMF, EU, and ECB in order to receive the next payment on its bailout, which was needed by early November.
The tight capital controls were put in place after a 10bn-euro bailout deal was agreed with the EU and IMF.
应用推荐