Tuesday, November 06, 2012
Greece and austerity economicsThe latest step in German Chancellor Angela Merkel's destruction of Greece with the collaboration of the Greek political elite continues this week with a new round of destructive budget cuts in Greece that is being protested by a general strike.
Greek unions voice anger over austerity (Euronews 11/06/2012):
John Psaropoulos in The New Athenian reports on the latest austerity measures in Greek Coalition Unleashes Hurricane Austerity 11/05/2012 and Austerity Bill Brings Changes to State, Pensions, Economy 11/06/2012. In the latter he writes:
Greece is pledging to cut billions of euro from public spending over two years in a massive austerity bill tabled in parliament late on Monday night. It goes to the vote at midnight on Wednesday, in what may be a close contest. Should Greece fail to approve the measures, it would not claim a 31.5 billion euro bailout instalment and run out of money to pay state salaries and creditors before the end of the year.But they are also proposing growth measures. Or rather, the cosmetic fakery that passes for growth measures in Angie-nomics:
When they came to power last June, the conservatives said that they wanted to emphasise growth and jobs alongside fiscal discipline. Cost cuts alone, they said, were driving Greece deeper into recession.Karolina Tagaris and Lefteris Papadimas report for Reuters (Greeks strike over spending cuts before crucial vote 11/06/2012):
The parliamentary vote on Wednesday is the biggest test yet for the government of Prime Minister Antonis Samaras, which needs victory to secure aid from foreign lenders but has failed to convince its smallest coalition partner and the public to back the reforms.The presumably "feel" that way because that's what these austerity measures are doing in reality.
And there's a key meeting on the Greek bailout/austerity package is also coming up next week, as Patrick Donahue and Marcus Bensasson report for Bloomberg News (Greece Faces Cliffhanger Vote as General Strike Begins 11/06/2012):
European Union Economic and Monetary Affairs Commissioner Olli Rehn, speaking at a meeting of Group of 20 finance chiefs in Mexico City, said yesterday that a deal must be made at a meeting of EU finance ministers in Brussels on Nov. 12. A European G-20 official, speaking before Rehn and on condition of anonymity, cast doubt on the prospects for that deadline, saying officials may fall short.November is going to be an important month in austerity economics and the fight against it in both Europe and the United States.
Tags: angela merkel, austerity economics, eu, euro, european union, greece
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