Exclusive - Greece needs to announce more austerity - EU/IMF

[dipsydoodle]

Source: Reuters

(Reuters) - Greece will have to slash a further 5.5 percent of GDP in government spending in 2013 and 2014 to meet agreed fiscal targets underpinning the second international bailout for Athens, a European Commission report said.

The Compliance Report by the European Union's executive describes the progress of Greek reforms necessary for the release of new euro zone money to Athens and recommends the first disbursement be made as soon as possible.


Read more: http://uk.reuters.com/article/2012/03/13/uk-eurozone-greece-austerity-idUKBRE82C0KY20120313

[xchrom]

1. ...

These austerity freaks are gonna start something they'll wish they hadn't.

[Cirque du So-What]

7. Good way of putting it

They'll get a foretaste of what the French aristocracy felt at the onset of the Revolution.

[Joe Shlabotnik]

20. A bit of a difference though,

The French aristocracy had boundaries, and wealth tied to the land. Todays Aristocracy have no nationality, and no public face, and don't have to live surrounded by the peasants. If/when things go completely out of control in Greece, they'll move onto a new prey. They are an international virus now, above and miles beyond the reach of justice.

[Hugabear]

10. Could make the French Revolution look like a walk in the park

You can only push people down for so long.

[lib2DaBone]

2. The working folks must be forced to pay for the Bankers excess....

Same situation all over the world... the rich get rich.. the poor work harder.

[thesquanderer]

3. Reminds me of the reparations imposed on Germany after WWI

...and that worked so well.

[dipsydoodle]

5. You should check out

what happened in Hungary. They had the highest recorded level ever of hyperinflation
http://en.wikipedia.org/wiki/Hungarian_peng%C5%91

I remember a Nat West article in the early '70s which described how workers in a brick factory having lost all faith in the currency were paid with bricks which they exchanged for food out in the countryside.

[JHB]

4. Do we REALLY need a new generation of Bolsheviks to convince...

...Our Dear Financial Overlords to play nice(r) with the rest of us?

Didn't they learn anything from the last time? (Oh, wait, we already know the answer to that one.)

[potone]

6. They are already at the breaking point.

And why, why, why isn't Goldman Sachs being held to account for their role in this??? When will any of the banksters who crashed the world economy in 2008 be brought to trial?

[CAPHAVOC]

8. When the Cow jumps over the Moon.

[Lydia Leftcoast]

16. The right wingers are telling their zombies

that it's all the fault of the Greece for having social benefits and that unless we get rid of welfare, privatize Social Security, and cut taxes, we'll end up like them.

Every time there's talk of whether or not to extend employment benefits, the AM radio zombies start posting en masse on local newspaper websites: "We'll end up like Greece!" (Which along with Spain and Italy, appear to be the only countries in Europe that the zombies have heard about at the moment, although just two or three years ago, they were all about how Ireland had tax-cut its way to prosperity.)

Actually, Greece's spending on social benefits is not high compared to other countries. The problem in that respect is lack of tax collection. The Scandinavian countries manage even better benefits (but the righties never want to talk about Scandinavia) because they tax themselves to pay for them.

Also, the banksters knew that Greece was not financially ready to join the EU and not a good credit risk, but they let it into the EU and lent it oodles of money anyway.

I really would like to see the Greeks put their collective feet down and just say no. The wage cuts are simply brutal.

[Guy Whitey Corngood]

9. Yoo know what? Just dismantle the whole thing and get it over with. I'm not

sure what fucking more are they supposed to give up in that country.

[TBF]

11. Solidarity with KKE and the people of Greece -

I don't think this is going to end well for the bankers.

[KansDem]

17. "I don't think this is going to end well for the bankers."

Yeah, maybe they'll have to get real jobs and start working for a living!

[TBF]

18. I'd love to see that happen here too

nt

[Comrade Grumpy]

12. I think Greece needs to announce a revolution.

Enough of this shit.

[TBF]

19. KKE is very strong there (Greece communist party) -

PAME (union workers) very strong, very organized

they will resist.

[Odin2005]

13. They need to default and tell the Austeritists to go fuck themselves.

If I were Greek I would be wanting my leaders' heads.

[Snake Alchemist]

21. That would be the best option for the long term. nt

[quakerboy]

14. Wasn't the point of austerity to avoid default?

And then they decided that the deal was a default anyway? So what more is to gain by more austerity other than further pissing off voters?

[Bradical79]

15. A nation of indentured servitude

That seems to be what this is heading toward. Wonder what will happen when everything has been taken away, and Greece's economy is still a mess?