The European Union (EU), which keeps appearing on the radars of the credit rating agencies, has saved Greece from the brink of bankruptcy but the risks have not all disappeared. Developments in Greece, which will be keeping Europe on a seat of thorns in the coming period, constituted the main topic of discussions this past month. The 130 billion-Euro assistance package was first accepted in the Greek Parliament but this rescue package led to a difficult period for Greece because of the heavy sanctions it contained. On February 6, public and private sector employees in Greece made the decision to hold a strike to protest the additional measures planned by the government in connection with the 130 billion-Euro package.

The financial assistance package also caused a rift in the coalition ruling the country. Upon the objections of some of the ministers, the provision that had been included in the package to increase retirement deductions was removed. The details of the agreement were announced in the Greek press with the heading "death contract." The second 130 billionEuro financial assistance package was introduced to the Greek Parliament on February 12. In the hours that the draft law was being voted on, Athens turned into a fiery inferno once again. The night of the voting, protesters set fire to the city. Fifty buildings burned down in Athens and 100 people were injured, 68 of them policemen. At the end of the evening, the Greek Parliament, under police protection, approved the bitter medicine the EU and IMF demanded in return for the 130 billion Euros. Following this approval, on February 19, the Finance Ministers of the Euro Zone met and ratified the second 130 billion-Euro bail-out package. With the ratification, the uncertainty plaguing the Euro Zone came to an end but the second 130 billion-Euro package approved by the EU means that Greece will have to make 30 different reform laws and implement an approximate 3 billion-Euro cut in expenditure. The experts say that any accident that might take place in taking these steps may lead to more chaos in the Euro Region.