Austerity Calling:Portraits of the New Greece A cross section of Greek society,phtographed on a single weekend in July,captrues the impact of the debt crisis on families and their livelihoods

摘要

The Greek government's approval of sweeping austerity measures in late June may have averted a default, but it hasn't yet saved Greece. European governments have agreed to provide Athens with at least €12 billion ($17.3 billion) to help Greece meet its obligations for another month. What happens next is anyone's guess. Under a French proposal, private creditors holding Greek bonds would roll over €30 billion of bonds maturing in 2014 into longer-term securities. Although the proposal has the backing of other euro zone governments, the Standard & Poor's rat- ing agency says that if the plan goes ahead, it will declare Greece to be in "selective default."