Greeks take to the streets as the Bundestag prepares to vote on bailout

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It's generally assumed that German legislators will vote to approve the $900 billion package in a vote early tomorrow morning. The money won't "solve" the problems the PIGGS face since no-one believes they'll be able to repay the loans. The bailout just kicks the can down the road. But if the Germans balk tomorrow, the markets will roll up in a ball and die.

http://www.marketwatch.com/story/ifo-says-eu-rescue-plan-against-german-interests-2010-05-20

LONDON (MarketWatch) -- The Ifo Institute, the German research group best known for its monthly business climate indicator, said Thursday that the euro rescue package "rewards speculators and hurts German interests." Germany's portion of the 750 billion euro European Union-International Monetary Fund rescue is due for a vote on Friday. The Ifo said the euro is still overvalued, with the institute seeing the shared currency's true value at $1.14. "It was not the euro that was endangered in the crisis but rather the ability of the European debtor states to continue to finance themselves on such favourable terms as Germany", according to Hans-Werner Sinn, President of the Ifo Institute for Economic Research. The new rules will prevent a rebound in inward German investment.

http://www.marketwatch.com/story/greeks-walk-off-the-job-in-new-nationwide-strike-2010-05-20

A fresh nationwide strike brought Greece to a standstill on Thursday, as workers once again took to the streets to protest austerity measures proposed by the government amid strong pressure from the European Union.

The main private-sector and public-sector unions organized the 24-hour strike, their fourth this year. Ferries, railway stations and government offices were shut down, according to media reports.