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Sun Nov 11, 2012, 06:59 PM

Greek MPs approve hefty budget cuts

Source: Guardian

Greek MPs have voted to pass a budget for 2013, paving the way for the country to receive further financial aid. The budget was passed with a comfortable majority, unlike the narrow margin secured last week in a vote on an austerity package and labour reforms.

The legislation will impose deep spending cuts on the country's already battered economy, as international lenders demand further austerity in return for assistance. Antonis Samaras's coalition is expected to win the vote just four days after it only narrowly won approval for a multi-year, 13.5bn (10.8bn) austerity package.

Thousands of people gathered outside the Greek parliament in Syntagma Square, Athens, to urge MPs to vote down the budget. Leading the protest march were flag-waving unionists with the communist-aligned Pame party followed by private and public sector workers.

The protesters' chants included "Out, out, out with the IMF" and "Hands off workers' rights".

Read more: http://www.guardian.co.uk/business/2012/nov/11/greece-2013-budget-vote



The austerity measures were passed on Wednesday. This is the actual budget.

Greece MPs approve new austerity budget amid protests.

Greek lawmakers have approved the 2013 budget involving fresh spending cuts, despite mass public street protests.

The budget was passed by 167 votes to 128. The move was a pre-condition for Athens to be granted a 31.5bn euro (25bn; $40bn) EU/IMF loan necessary to stave off bankruptcy.

Another austerity package of tax rises and pension cuts was passed last week.

http://www.bbc.co.uk/news/world-europe-20293058

22 replies, 3021 views

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Arrow 22 replies Author Time Post
Reply Greek MPs approve hefty budget cuts (Original post)
dipsydoodle Nov 2012 OP
Fire Walk With Me Nov 2012 #1
Ken Burch Nov 2012 #4
Fire Walk With Me Nov 2012 #7
brooklynite Nov 2012 #19
Fire Walk With Me Nov 2012 #21
brooklynite Nov 2012 #22
mckara Nov 2012 #2
Ken Burch Nov 2012 #3
riderinthestorm Nov 2012 #5
marmar Nov 2012 #6
hack89 Nov 2012 #10
Freddie Stubbs Nov 2012 #14
marmar Nov 2012 #15
Freddie Stubbs Nov 2012 #16
hack89 Nov 2012 #20
DallasNE Nov 2012 #8
dipsydoodle Nov 2012 #9
Gregorian Nov 2012 #11
dipsydoodle Nov 2012 #12
Gregorian Nov 2012 #17
dipsydoodle Nov 2012 #18
hack89 Nov 2012 #13

Response to dipsydoodle (Original post)

Sun Nov 11, 2012, 07:24 PM

1. It is being said that today there is a no-confidence vote occuring; protesters surrounded parliament

 

just days ago:

http://www.democraticunderground.com/12524229

There is a European union-wide General Strike occurring on November 14!

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Response to Fire Walk With Me (Reply #1)

Sun Nov 11, 2012, 07:45 PM

4. We need support rallies for that.

The rich want to do to US what they're doing to Greece...and they'll manage it if we don't stop them.

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Response to Ken Burch (Reply #4)

Sun Nov 11, 2012, 08:18 PM

7. It appears they fully intend to force "austerity" upon us exactly as they've done in Europe.

 

There have been recent solidarity marches for those in Europe; here is a video of Occupy Portland doing a large march and being attacked and pepper-sprayed by police:

http://www.democraticunderground.com/12524174

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Response to Fire Walk With Me (Reply #7)

Mon Nov 12, 2012, 07:50 PM

19. ...and how did these austerity MP's get into office?

"Elections have consequences"

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Response to brooklynite (Reply #19)

Mon Nov 12, 2012, 11:38 PM

21. Some parties, such as the Golden Dawn neo-NAZI party in Greece, take advantage of crisis

 

to gain and keep power. I believe unemployment was 30% in Germany when Hitler rose to power, for example.

The thing is, I believe these "crises" are manufactured AS a power grab opportunity. Greece and Italy both had a Goldman Sachs consultant in power for a while when this all began, so you can see who is sticking their finger in the pie.

In case you didn't know, a few nights ago the Greek citizens demanded a no-confidence vote, and back in October, the Spanish citizens surrounded their parliament by the tens of thousands and demanded it step down. There is a European-wide General Strike happening on November 14!

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Response to Fire Walk With Me (Reply #21)

Tue Nov 13, 2012, 11:07 AM

22. By what do you mean "the Greek Citizens"?

The population of Greece is 10.7 Million. What proportion demanded a no-confidence vote? Even if it was 100,000, that's 1% of the population. In Spain, "tens of thousands" is less than 0.1% of the population. I don't dispute the passion of some groups against austerity policies, but I'm not seeing broad popular support for a different strategy in either case, and I don't tend to buy the "the voters were manipulated into supporting austerity" argument, any more than I bought the GOP's argument that people were too stupid or "entitled" to vote for Romney.

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Response to dipsydoodle (Original post)

Sun Nov 11, 2012, 07:27 PM

2. Stockholm Syndrome

One more austerity program and all your problems will go away.

Thank their elected representatives for shoving their constituents into serfdom!

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Response to dipsydoodle (Original post)

Sun Nov 11, 2012, 07:44 PM

3. Good God...does Greece have anything LEFT to cut?

The pension system is basically non-existenc now(pensions below the poverty level don't really count as pensions).

This isn't a bailout...it's vengeance.

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Response to dipsydoodle (Original post)

Sun Nov 11, 2012, 07:47 PM

5. Kicked and recced (not because I like this story but for more exposure on the toxicity)

of what's happening to Greece.

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Response to dipsydoodle (Original post)

Sun Nov 11, 2012, 08:00 PM

6. It's time for Greece to pull a Cee-Lo Green on the ECB, the IMF and the rest of these vultures

nt

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Response to marmar (Reply #6)

Mon Nov 12, 2012, 06:54 AM

10. They have no money

the government will literally run out of money in a couple of weeks without loans.

I don't know what the answer is but your suggestion will not fix anything - there will be no pensions, no salaries for public employees, no government services.

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Response to marmar (Reply #6)

Mon Nov 12, 2012, 01:21 PM

14. What are they going to pay for things with? Baklava?

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Response to Freddie Stubbs (Reply #14)

Mon Nov 12, 2012, 01:23 PM

15. The underground economy is already emerging there.....

...... believe it or not, there are alternative economies, all around the world.


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Response to marmar (Reply #15)

Mon Nov 12, 2012, 01:28 PM

16. Yes, but the government needs cash to pay for expenses

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Response to marmar (Reply #15)

Mon Nov 12, 2012, 08:01 PM

20. There is no such thing as underground pensions or salaries though. nt

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Response to dipsydoodle (Original post)

Sun Nov 11, 2012, 09:47 PM

8. The Problem With A Budget Like This

Is it results in lowering aggregate demand and that leads to a further reduction in GDP, meaning the current recession will be made worse. Look, if 5 years of austerity has created 5 years of recession, what do they expect a 6th year of austerity to do -- defy the law of economics and grow the economy -- fat chance of that ever happening. Until Merkel is gone in Germany Europe will remain bogged down in recession. A recession that is likely to pick up speed.

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Response to dipsydoodle (Original post)

Mon Nov 12, 2012, 05:09 AM

9. Actual measures taken listed here


Retirement age up from 65 to 67
A further round of pension cuts, of 5-15%
Salary cuts, notably for police officers, soldiers, firefighters, professors, judges, justice officials; minimum wage also reduced
Holiday benefits cut
35% cut to severance pay
Redundancy notice reduced from six to four months

http://www.bbc.co.uk/news/world-europe-20293058

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Response to dipsydoodle (Original post)

Mon Nov 12, 2012, 12:50 PM

11. Look at Argentina. Look at Iceland. Take your pick.

Endless cuts, or a healthy recovery.

This won't stop until those who have the gold stop ruling.

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Response to Gregorian (Reply #11)

Mon Nov 12, 2012, 01:12 PM

12. Iceland had a completely different background

and Argentina is currently a very poor example.

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Response to dipsydoodle (Reply #12)

Mon Nov 12, 2012, 01:36 PM

17. I have been hearing them compared on market shows I listen to.

Oh well. Go figure.

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Response to Gregorian (Reply #17)

Mon Nov 12, 2012, 01:57 PM

18. Iceland was caused by the antics of two banks

and Argentina has significant problems with inflation causing sunstantiial protests.


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Response to Gregorian (Reply #11)

Mon Nov 12, 2012, 01:16 PM

13. Iceland is irrelevant to this discussion

they did not have a debt crisis - they always had money to fund basic government services. Theirs was a domestic banking crises.

And even then they had to implement austerity measures, raise taxes and borrow billions from Europe and the IMF.

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