The Greek Government has approved the austerity measures needed to trigger the 130 billion Euro debt reduction package, necessary to stave off technical bankruptcy.

With unemployment already running at 20%, the terms of the package, that include a reduction in public sector staff of 150,000 and significant pay cuts, are not sitting well, unsurprisingly with the Greek people and violent protests have broken out across Greece.

Greek politicians are in the ultimate rock and a hard place situation. Without the EU aid they cannot service their financial obligations and some of these are mere weeks away. With it and the conditions attached, they have a chance to shrug off a large amount of crippling interest and the actual debt itself, from the national balance sheet but have to implement highly unpopular measures on the Greek people to do so.

There will no doubt be high profile Greek strikes and protests seen on TV for a long while but it is difficult to see how Greece would survive economically speaking, without the protection that EU membership affords.