&host=www.rt.com&uri=/news/greek-cabinet-austerity-bill-055/&via=1.1 8.254.61.15:80 (Footprint 4.8/FPMCP)&ua=CCBot/1.0 (+http://www.commoncrawl.org/bot.html))
Getting harsher? Greek cabinet approves austerity bill
Published: 11 February, 2012, 07:11
TAGS: Crisis, Protest, Europe, Yulia Shapovalova, Employment, Economy
The Greek cabinet has approved a draft bill for the new austerity measures needed to secure a €130 billion bailout from international lenders. The new cuts include making thousands of civil servants redundant and slashing the minimum wage.
The legislation was submitted to the parliament, which is scheduled to vote on it on Sunday.
During an emergency cabinet meeting late on Friday, Prime Minister Lucas Papademos warned that the measures are vital to avoid a default that would cost Greece its place in the eurozone and spark “economic chaos and social explosion.”
“It is absolutely necessary to complete the effort that began almost two years ago to consolidate public finances and to restore competitiveness and economic recovery,” Papademos told the meeting.
Six ministers have quit the cabinet disagreeing with the harsh austerity measures.
Meanwhile, there has been violence on the streets of the Greek capital with protesters furious about the austerity measures, while a two-day strike has brought the country to a standstill.
Debt-stricken Greece needs the €130 billion bailout from the troika of the EU, the International Monetary Fund and the European Central Bank before a €14.5 billion eurobond repayment is due on March 20.
Financial journalist Demetri Kofinas told RT that the Greek leadership's actions have nothing to do with people's welfare. “It’s just doing what is in its own interest. People who are in power benefit from a system where they can cooperate with the Eurocrats in Brussels.”
Kofinas believes that the Greek government had the option of declining the austerity measures and to default instead.
“There is no reason why the default has to equal an exit from the eurozone,” he said, explaining that this threat is being used to intimidate the people.
11.02, 02:12
13 comments
One more knock: S&P downgrades 34 Italian banksStandard & Poor’s has downgraded the credit rating of 34 major Italian banks, including country’s largest, UniCredit. This comes after the rating agency downgraded Italy’s grade to BBB+ last month. Eurozone crisis |
11.02, 10:48
1 comment
Striking Egyptians seek army exitEgypt’s military rulers say they will not bow to public pressure to step down and are accusing conspirators of instigating unrest in the country. However, a mass strike failed to get people’s support with turnout poorer than expected. Egypt unrest Arab world protests |
Oligarchy is on its way if not already there to every country unless the people stand up and say NO!
What is wrong with the Greeks?
When will the Army step in, and save this good people from the (almost) equally unelected European Union regime? They burn the German flag, but it’s the EU flag that most deserves to burn. Their support for the governing parties falls (good) but it’s the extreme Left which opinion polls show most Greeks support (wtf!) when it’s the left wing that generally supports the EU most. This said: America is often in the habit in giving weapons to “freedom fighters” freedom fighters who neither represent the will of the people, and (happen) to usually be enemies of Russia. I wonder could the Russians consider supplying weapons to the Greek “rebels”? Even if it remains just talk, it’s a great negation ploy.
Greece has brought in extra police from Czechoslovakia, Poland and Germany.