Vote in Greece buys Eurozone More Time

The Greek vote has been cast. However, the most that it has done is buy more time for the eurozone to figure out what to do next in their 2-year long financial struggle. The Greeks also agreed to remain under Berlin's harsh terms in order to continue collecting bailout money. For now, Greece will stay attached to the eurozone in hopes of sparking economic growth. There is hope that Athens will form a government that will negotiate with Berlin over the financial situation. Berlin and its allies are what is keeping Greece from hitting rock bottom into economic chaos and leaving the euro behind. Many agree that leaving the euro would only bring financial collapse at an accelerated rate. As part of the deal, Berlin has forced austerity measures upon the Greek citizens that has lowered their standard of living and require harsh sacrifices.

Right now, Germany has the largest and most prosperous economy. They are having to deal with the financial burden of their weaker neighbors. The Greek vote was important because, while it helps their weak economy, it also has an affect on Germany by involving them more into this crisis.

This vote has only provided temporary relief. The banks in the weak economies of Greece, Italy and Spain took a beating last week when investors pulled out due to worries about a government default. Spain is currently in the midst of recovering from a painful housing bust, forcing them to monitor their home mortgage policies.

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