After Greek ministers have agreed to new austerity measures, the Laos party a Junior coalition member decided not to support anymore austerity.
The Greek parliament will vote on the new measures. The troika will not release the next set of bailout funds that Greece's needs to pay its creditors in March. Greece has14.5Billion euros of bond payments to make in March, if the funds are not released it will lead to a disorderly default.
The coalition government and the political parties backing it had come under intense pressure to put their commitment in writing to the cost-cutting demanded in return for rescue funds. The latest bailout agreement also contains a private sector bond swap that will slice €100bn from the country's €350bn debt pile in the hope of bringing it down to 120% of GDP by 2020.
The head of the Laos party criticized Germany as having hegemony over Europe, because of its economic power. He statd that decisions about Europe are made in Berlin and are supported by German satellites of Finland, Austria, Holland, and Luxembourg.
The austerity measures since 2010 has made Greec's recession even deeper, and has led to a balloning of its debt to GDP ratio. Without significant debt write offs the country will endure austerity and recession for decades.
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