Greeks strike against austerity, EU demands more cuts

[dipsydoodle]

(Reuters) - Greek workers went on strike against austerity measures on Friday, docking ships and halting public transport, hours after euro zone finance ministers said Athens needed to make more cuts to convince them to release a financial bailout.

The euro and shares fell on Friday, reflecting concern over a possible failure in the debt restructuring after the European Union and International Monetary Fund indicated that a hard-won Greek deal on spending cuts and wage cuts did not go far enough.

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The central Athens Syntagma square, in front of parliament, echoed with loudspeaker calls to rally against the measures: "No to layoffs! No to salary cuts! No to pension cuts! Do not bow your heads! Resist!"

http://uk.reuters.com/article/2012/02/10/uk-greece-idUKTRE8120SU20120210

Greece bows to further austerity, but bailout delayed until next week

Greece's hopes of promptly securing a €130bn lifeline have been set back after eurozone finance ministers responded with scepticism to Athens's pledge to slash public spending to the bone under orders from the rest of Europe.

With the clock ticking on a possible sovereign debt default by Athens within weeks, eurozone finance ministers postponed a decision on Greece's rescue until next week, piling the pressure on the Papademos government.

Following weeks of brinkmanship that have poisoned relations between the bankrupt country and its eurozone creditors, the ministers and senior officials from the eurogroup, the European central bank, the European commission, and the International Monetary Fund voiced exasperation with Greek delaying tactics.

http://www.guardian.co.uk/world/2012/feb/10/greece-bailout-sovereign-debt

[CAPHAVOC]

1. USA will bail out Greece through IMF.

The EU has no choice. The USA has no choice. They must bail out Greece in a way that the Credit Default Swap scam is not triggered. If the CDS scam is exposed the house of cards collapses. They will force money on Greece no matter what Greece does.

[DCBob]

2. Yes, there will be a deal of some sort. There is too much to lose.

I think they are playing a game of chicken now but eventually someone will blink.

[BelgianMadCow]

15. and you were right

there has been a lot of posturing from the politicians. Both the socialists of PASOK and the conservative ND were gonna sellout the people, you could predict. They even went as far as demanding a vote along party lines, on such a HUGE decision that is to last past the upcoming election. That is not a democracy.

The people seem to disagree.

[lovuian]

19. the USA will bail them out and make them debtor slaves

like us

Like all things the people must be made aware that they are slaves and MUST suffer

because of a debt they did not create

The worker will rise up....Karl Marx

[dipsydoodle]

3. Riot police in Athens fire tear gas to disperse stone-throwing protesters demonstrating over austeri

breaking on BBC News as I write.

[BelgianMadCow]

4. PM faces new problem as five cabinet members resign

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_830_10/02/2012_427188

LAOS party is saying No "to the german boot. However, they only hold 16 seats, so supposedly the measures can still pass the house. Whether they pass popular opinion is something else, and since their economy is crashing there will not be and end to auisetrity anytime soon. After 4 years of recession, the reciped that proved desastrous in the great depression are being used again. Call that a coincidence if you will, I call it Disaster capitalism...

[dipsydoodle]

5. More of those to come

Its now been announced that any who disagree with the required austerity requirements must stand down from the government.

[BelgianMadCow]

6. atm estimate is that 30 PMs of the coalition would vote against,

still a comfortable majority, however. I do think those voting pro may have to emigrate.
And those that vote against knowing they will be ousted...respect.

Greece should do an Iceland, start with a clean slate. Meanwhile, crank up their informal economy, which was already thriving.

But The ECB Man in charge (Papademos, ex-ECB, unelected technocrat) is emotionally fulminating that hell will freeze over if this doesn't pass. What he doesn't say is, that hell will be for the banks first and foremost. (US banks/insureres too ofc, via CDS)

He also says medicines will not be available, and people will starve. Fact is, that's happening NOW.

Disaster Capitalism in it's finest hour, I really am disgusted. Then my dad says Grecians are no-good do-nothings - cause that's what the media made them out to be.

People fresh out of univ that have to go work for 550 euro a month...they have to sell their water grid and ports...these people know NO shame. And the IMF is in the driver's seat. Who is the IMF?? Hmmz

[dipsydoodle]

7. No such thing as a clean slate if they back go to the Drachma

All current personal loans and credit agreements for goods and srvices held by the population are repayable in Euros even down to their tvs and cookers.

[BelgianMadCow]

8. when your wages etc go down so much you also end up in that situation

except you're still at the troika's mercy.
Iceland did it (well something very similar)..they went through rough times but are fine now.

I agree clean slate may not be the right term - at least they will keep/have their sovereignty back, not a detail either.

The fact that they are denied the time to come to terms with the package, and they were denied a referendum, simply means they are no longer a democracy. It was born there.

[dipsydoodle]

10. Iceland is not fine now.

That's a fairy story.

[BelgianMadCow]

11. I'll leave that to you, if I may - but did want to point out, defaulting does not mean euro exit

there is no mechanism for throwing countries out. Of course, you'd never see the end of it.

I think the system is bust and should crash, the alternative is we the people get to foot the bill and are still slaves. I'll go visit Greece for the first time once they get an influx after a devalued drachma. Hell, I'm rich, I don't mind bailing out greek people - now that money is going into recapitalsing banks as well, only 18% gets to the people. WTF.

The rescue package is only a soft landing for the creditors. How bad the situation really is (leverage...) was redacted out of the latest troika report..enough said.

Consider my other points too.

laters!

[dipsydoodle]

12. But don't forget

Iceland can't get into the EU until their debts are satisfied assuming they do infact want EU entry.

Greece might leave the Euro : not the EU.



edit to add : its their tourist industry which should help them rebuild.

[DCBob]

14. I think they should work out a deal to let Greece exit the Euro but stay in the EU.

This would allow them to be more competitive (cheaper costs due to lover value of drachma) while stile retaining the other benefits of Eurozone membership. Of course there is still the pesky matter of the enormous Greek debt.

[Nye Bevan]

13. Iceland never defaulted on its sovereign debt (nt)

[BelgianMadCow]

17. Sorry - they defaulted on their bank bailout - which is the step before

sovereign debt crisis

but thanks for the clarification!

[ikri]

9. Cut More! Privatize More!

They won't be happy until every government job has been cut and everything has been sold off to "favoured" bidders.

How long before we can take a holiday at Disneyland Parthenon? Or visit the Oracle at Delhi, sponsored by Sun Microsystems?

[quakerboy]

16. Ouch. Thats gotta sting.

They went out on a limb and passed what I understand to be a deeply unpopular austerity bill.

And they didn't even get the bailout to bring home to the voters?

Ouch.

[unkachuck]

18. "Greek workers went on strike against austerity measures..."

....as well they should....

....as the over-populated world rebels against crooked crony capitalism, the 1% will be finding new and creative ways to cull and reduce the 99%....be on the look-out for these new violent techniques....