A snowballing political fallout has begun. Greek prime minister George Papandreou resigned last week after having threatened to go for a referendum on whether Greece should continue with the European Union and, hence, break from the Euro. This would have set in motion a crisis for the EU itself, consuming other European economies including Germany and France and hurtling the global economy into a vicious recessionary spin. A hasty transitional government of ‘national unity’ has been cobbled up hoping to restore political stability and calm the nerves of a turbulent global financial market. This, however, appears unlikely with the Greek people up in arms against growing unemployment, severe cuts in social sector spending combined with increasing working hours, lower wages and pensions. Greece has already been rocked by an unprecedented number of nationwide strikes.

Courtsey- Hindustan Times