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Wed Nov 7, 2012, 06:02 PM

Greek government defies protests to approve more austerity

Source: Reuters

(Reuters) - Greece's government voted by a razor thin margin on Thursday to approve an austerity package needed to unlock vital aid and avert bankruptcy, despite an internal rift and violent protests at the gates of parliament.

Lawmakers approved the spending cuts, tax hikes and measures making it easier to hire and fire workers after nearly 100,000 Greeks waving flags and chanting "Fight! They're drinking our blood!" descended on Syntagma Square in central Athens.

Read more: http://uk.reuters.com/article/2012/11/07/uk-greece-idUKBRE8A51JE20121107

13 replies, 1960 views

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Reply Greek government defies protests to approve more austerity (Original post)
dipsydoodle Nov 2012 OP
iandhr Nov 2012 #1
sulphurdunn Nov 2012 #2
woo me with science Nov 2012 #8
Hoyt Nov 2012 #3
Dont call me Shirley Nov 2012 #4
iandhr Nov 2012 #5
brentspeak Nov 2012 #10
coalition_unwilling Nov 2012 #13
blkmusclmachine Nov 2012 #6
DallasNE Nov 2012 #7
arikara Nov 2012 #9
mrf901 Nov 2012 #11
dipsydoodle Nov 2012 #12

Response to dipsydoodle (Original post)

Wed Nov 7, 2012, 06:15 PM

1. Greece is between a rock and a hard place

The austerity has hurt many ordinary Greeks. But if they were forced to leave the Euro they would be even more screwed and the ripple effects would be huge.

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Response to dipsydoodle (Original post)

Wed Nov 7, 2012, 06:20 PM

2. It is ironic

that the cradle of democracy is becoming its grave while giving birth to the first privatized nation state. That is the future our own billionaire barons have in store for us unless we become very radical in support of our collectively owned public domain very quickly.

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Response to sulphurdunn (Reply #2)

Thu Nov 8, 2012, 01:02 AM

8. Amen.

Wake up, America.

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Response to dipsydoodle (Original post)

Wed Nov 7, 2012, 06:23 PM

3. I empathize with protesters, but Greece has serious economic issues.


I don't think protests are going to help much.

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Response to dipsydoodle (Original post)

Wed Nov 7, 2012, 06:25 PM

4. Goldman Sacks needs to be stripped of all their stolen assets and dissolved.

They caused this misery. Time to end their gravy train.

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Response to Dont call me Shirley (Reply #4)

Wed Nov 7, 2012, 08:01 PM

5. No...

... the Greek shares the blame.

They cooked the books to get in the Euro Zone.

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Response to iandhr (Reply #5)

Thu Nov 8, 2012, 01:58 AM

10. Spiegel special report: How Goldman Sachs Helped Greece to Mask its True Debt



http://www.spiegel.de/international/europe/greek-debt-crisis-how-goldman-sachs-helped-greece-to-mask-its-true-debt-a-676634.html

How Goldman Sachs Helped Greece to Mask its True Debt

Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit.

...




http://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted=all&_r=0

Wall St. Helped to Mask Debt Fueling Europe’s Crisis

...

It had worked before. In 2001, just after Greece was admitted to Europe’s monetary union, Goldman helped the government quietly borrow billions, people familiar with the transaction said. That deal, hidden from public view because it was treated as a currency trade rather than a loan, helped Athens to meet Europe’s deficit rules while continuing to spend beyond its means.

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Response to iandhr (Reply #5)

Fri Nov 9, 2012, 04:42 AM

13. "The Greek"??? As in Zorba??? You're giving away your

 

agenda (and it's not pro-worker).

Germany and France depend upon Greek consumers of the products of their industrial sector. It's called a 'symbiotic relationship' for a reason (much like the symbiotic relationship between American consumers and Chinese industrialists).

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Response to dipsydoodle (Original post)

Wed Nov 7, 2012, 11:03 PM

6. They won't be happy until they've fleeced every last cent of those poor people.

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Response to dipsydoodle (Original post)

Thu Nov 8, 2012, 12:58 AM

7. This Can't End Well

The corruption remains; the wealthy are still being spared. It is all being placed on the backs of working people so no wonder there are riots in the streets. The Euro Zone's problems are far greater than just Greece. Because most of the nations are already in recession there is really no ability to pay down these debts -- which have as their basis the toxic loans put together in this country then those junk bonds were sold as AAA. More fallout from the severly failed Bush administration. But the European governments are simply making matters far worse with their demands on Greece. Spain and Italy are not far behind.

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Response to DallasNE (Reply #7)

Thu Nov 8, 2012, 01:09 AM

9. The Icelandic solution worked

Too bad more countries aren't going for it.

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Response to arikara (Reply #9)

Thu Nov 8, 2012, 02:15 AM

11. different situations

 

in Iceland, the problem was purely
a banking problem

Iceland's private banks, borrowed money
from outside of the country,
and could not repay.

these banks no longer exist.

completely different than Greece

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Response to dipsydoodle (Original post)

Fri Nov 9, 2012, 04:33 AM

12. Eurozone crisis live: Greece faces threat of aid delay

see 9/03am GMT :

What to do about this? The IMF has sought to link the two issues of debt sustainability and the disbursement. The Europeans, always more up for a political fix, have been trying to "decouple" the two issues. It seems the IMF has won this argument, with eurozone officials now saying there can be no agreement on how to proceed until everything is decided in an overall package.

To make matters worse, there is a deepening argument between the IMF and the Europeans over the merits of austerity and whether the policies being pursued are the right ones.

The IMF has been pressing the Europeans to accept an official writedown of Greek debt, OSI, but this is strongly resisted by the Germans and the ECB in Frankfurt. A lowest common denominator consensus has formed around lowering the cost of the bailout loans to Athens and lengthening their maturities. This will help but is unlikely to be enough.

As ever, the delays in decision-taking will be ascribed to the non-arrival of the report from the troika of European Commission, ECB, and IMF "men in black" on Greece. That report will miraculously appear at the politically opportune moment.

http://www.guardian.co.uk/business/2012/nov/09/eurozone-crisis-greece-bailout-aid-delay

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