Protests Grow in Greece, Portugal and Spain

[Joanne98]

The financial press has for the most part looked at the possibility of sovereign debt crises in Greece, Spain, and Portugal through a deal-making window: will Germany and other EU surplus countries back a rescue package, and if so, with what strings attached? There has certainly been ample speculation, particularly since a bailout of Greece would be wildly unpopular in Germany, but some have though various finesseses, such as having various EU members guarantee Greek debt, along with imposing austerity measures (in particularl, raising the retirement age in short order from age 61 to 67) might be workable.

But even if a deal could be brokered, will the citizens accept it? Citizens in Greece could be every bit as big a stumbling block as those in Germany. From the Globe and Mail (hat tip reader John D):

… threatened to turn into a wider social and political emergency this week as general strikes and protests paralyzed Athens and Madrid, and Greek leaders lashed out at their German rescuers amid dark economic projections.

Protesters in Greece battled police using rocks and bottles last night at the end of the second day-long general strike. The walkout closed schools, hospitals and most forms of transportation, shutting down the economy as the government prepared to freeze pay, increase retail taxes and raise the
retirement age to 63 to reduce a huge deficit and attempt to pay off €53-billion ($75-billion) in public debt owed this year.

http://www.nakedcapitalism.com/2010/02/violent-protests-grow-in-greece-portugal-and-spain.html

[fasttense]

1. Meanwhile, in the US, the dancing supremes declare corporations are our one true God

and the American public bows down obediently.

[SpiralHawk]

2. "We worship at the feet of the corporate-republicon gawd." - American media

on bended knee...

[raccoon]

3. What's the matter with Americans, that they don't get out and protest like this? nt

[dixiegrrrrl]

4. At this point, many are trying to put food on the table, I think.

[raccoon]

5. I'm sure that some are. However, IME, a lot of people think of protesting

or dissent almost as treason.