The plan to rescue Greece from bankruptcy has kicked in, and with a vengeance. As the government slashes spending and hikes taxes, the deficit is way down - but jobs are vanishing, shops are closing, and on the streets gloom is prevailing. The European Union likes the swift action on the deficit. But few Greeks are in a mood to celebrate. Many predict a fall of strikes and demonstrations as those who could afford a summer holiday return to a grim reality. On paper, the turnaround is working. The Finance Ministry said Friday the budget deficit has narrowed by a whopping 39.7 percent on the year, slightly better than the original target. The European Union, which demanded the cuts in return for bailout loans, is positively purring. On Thursday, the EU said Greece's efforts to slash spending were “impressive.” Less impressed are shop owners, who say consumers have tightened their purse strings.
