Last night the Greek parliament voted to implement a series of new austerity measures demanded by their European creditors.
In the end the Greeks had no choice. Had parliament voted against the new proposals the economy would have faced total collapse. The proposals passed through parliament with 229 voting in favour and 66 against.
38 government politicians either abstained or voted against the measures, including outspoken Yanis Varoufakis the former finance minister. Now the bill has been passed the Greek parliament can start negotiating with their creditors on their 86 bn euro bailout.
As the debate unfolded 12,000 protestors gathered in central Athens and some began to throw bricks, stones and petrol bombs. Police retaliated by firing tear gas in an attempt to push back the advancing crowds.
The IMF and many Greeks believe the latest reforms will only cause the economy to deteriorate further. Solving a problem of indebtedness with further debt seems madness. By accepting the new deal Greece has surrendered to its creditors and lost its ability to control its finances.