GREEK TRAGEDY? OR PYRRIC VICTORY

Well the greek MPs have taken a deep breath and voted through the austerity package.

This means that they will get a temporary reprieve when they get €12bn to pay the bills before they were due to go bankrupt.

But, will the vote make any difference?

Tomorrow they are voting on how to implement these measure and the grounds for ambush come into view.

With riots sparking off throughout Athens, it is no wonder that the markets, after initially feeding into trades with optimism are now falling back into musing that the troubles may not have been avoided after.

IMF

So the IMF says keep going to George and the government.

That is good for George who dismissed economists who criticised the plans in the weekend papers as "left-wing academics".

But there are still danger signs on the horizon of sluggish growth and higher inflation. On the other hand, inflation is expected to drop back to 2% next year according to the IMF.

Now whether that is because no-one will be buying anything because we are all skint or, whisper it, the Bank of England is correct and the inflation wasn't trending remains to be seen.

What ever happens next, it seems that once again we have dodged the bullet.

Napoleon said he wanted lucky generals, I wonder if the same applies to chancellors?