Germany approves a third Greek bailout, but the crisis is not over

There was a rare piece of good news for the Greeks today.

The German Parliament agreed to Greece’s third international bailout. That helps Greece escape a default and stops it from being forced out of the eurozone.

But the Greeks aren’t rejoicing yet. Many will have to tighten their belts even more in the coming months, when a round of new taxes will be introduced.

Christos Michaelides, a Greek journalist in Athens, says that’s when things will really hit hard.

“Already, we know that people are preparing themselves for a very difficult autumn and even more difficult winter,” he says.

He explains that the Greeks have already been hit with a wage reduction. But come next fall, they’ll have to face an additional 20 percent reduction. And that’s not all.

“There are also many indirect taxes … that will also affect the standard of living of Greek people,” he adds.

The way Michaelides sees it, the upcoming financial moves may push Greeks to take to the streets. “The trade unions are very against [Greek Prime Minister Alexis] Tsipras and they are already bracing themselves for a war, as they call it, on the streets of all the big cities of Greece,” he says.

For some Greeks, the solution has been to move to other countries. Many have left for jobs elsewhere. Those who remain, Michaelides says, are the poor and the elderly. And at a time when Greeks are fleeing, droves of immigrants are pouring in. Greece has had to deal with thousands of migrants who are escaping war and devastation in Africa and Middle East.

With all these problems, Michaelides believes a good leader is critical.

“It’s up to a politician or politicians who should be gifted and powerful to see how they can balance this very complicated situation and get Greece out of this terrible crisis,” he says.