Thursday, October 25, 2012
Greece under austerity and German pressureOne of the English-language sources on which I rely for news about Greece and the euro crisis is The New Athenian, the blog of John Psaropoulos. This week, he reports on the effects of austerity economics continuing to shrink the Greek economy (Recession is Deeper Than Forecast 10/23/2012):
Greece's economy shrank by 7.1 percent of GDP last year and is expected to shrink by 6.6 percent this year, higher than what was previously thought, according to new figures released yesterday by the Hellenic Statistical Service (Elstat). The 2011 recession had been believed to stand at 6.9 percent, and the 2012 figure at 4.8 percent.And German Chancellor Angela Merkel's government intends to see that the cycle continues, as he reports in Germany Demands Strict Oversight 10/24/2012. Pasok, the social-democratic party that is part of the ruling coalition but which is sinking toward non-existence in the polls, released a document that it says are the demands Germany is making for conditions on further aid, including:
Not that it made Reichenbach popular in Greece. In fact, he was nicknamed "Third Reichenbach" because of his role as enforcer of the massively destructiveness austerity program imposed by the EU (read: Germany).
Euro finance ministers are scheduled to finalize an additional credit amount for Greece on November 12, required because of the economic forecasts being worse than expected, Griechenland bekommt mehr Handelsblatt 25.10.2012. This is in addition to an already-approved €130 billion tranche of assistance coming in February. The German Bundestag will have to approve the additional aid, providing yet another opportunity for disputes over how badly to punish Greece for being not as rich as Germany.
But at least that's safely past the US Presidential election.
Oh, and there's this, the eggs that Angie laid in Greece, from cartoonist Yannis Ioannou 10/22/2012. Among the signs lying in the ruins is Παιδεια (education), part of the across-the-board devastation the EU
Psaropoulos writes about the rise of Golden Dawn (Χρυσή Αυγή/Chrysi Avgi) in Golden Dawn glows amid Greece gloom Aljazeera English 10/25/2012, also at his blog, and how they are successfully exploiting the economic crisis.
David Dayen, who has been following the Greece situation for a while, writes, "The country is in a state of crisis. The unemployed have no health benefits and must pay out of pocket with money they don’t have. And the number of the unemployed continues to rise. Economic growth is not expected for years." (Greece Attempts to Pass Another Round of Austerity FDL News 10/25/2012).
Heckuva job, Angie, heckuva job.
Tags: angela merkel, austerity economics, eu, euro, european union, greece
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