• Greece's Cabinet approved austerity measures
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[QUOTE]Athens, Greece (CNN) -- Greece's Cabinet approved austerity measures demanded in return for a new eurozone bailout of the debt-stricken country Saturday, a day ahead of a crucial vote in Parliament. The Cabinet move comes after several ministers resigned from the coalition government and clashes between hooded youths and riot police disrupted a protest rally. Lawmakers are discussing the bill Saturday before the full Parliament votes on the deal Sunday. In a speech Saturday evening, Prime Minister Lucas Papademos urged the Cabinet to approve the deal, warning of "social explosion, chaos" if it fails. "The state will not be able to pay salaries and pensions or import basic goods" such as medicine and fuel, he warned, adding that "unemployment, which is currently unacceptably high, would increase even higher." Ultimately, Papademos said, if Parliament rejects the deal, Greece -- already in the midst of a prolonged recession -- would be "bankrupted and out of the eurozone." Greek teacher's income cut by 30% Can Greece prevent a massive default? Parliamentary approval would pave the way for the eurozone finance ministers to sign off on the new €130 billion ($172.6 billion) bailout deal next week. Greece needs the funds in order to meet €14.5 billion in debt repayments due next month. Some isolated scuffles broke out as protesters rallied in Syntagma Square, in front of the Parliament building, but the mood was calmer than a day earlier. Friday's protest dispersed after youths smashed pavements and began throwing stones and pieces of marble, as well as Molotov cocktails, at the police, who responded with stun grenades and teargas. Meanwhile, a 48-hour strike called by trade union leaders in protest against the cuts rolled into its second day Saturday. Former Prime Minister George Papandreou told the PASOK parliamentary group, the majority party in the coalition, that Papademos was right about the urgent need for the deal and that lawmakers must explain to the Greek people what bankruptcy would mean for the country. Antonis Samaras, leader of the New Democracy party, the other main group in the coalition, told his lawmakers that he would call for an early election if a separate agreement was reached on Greece's private sector debt. In his address to the Cabinet, Papademos said approval of the bailout deal was essential to ensure Greece's future in the 17-nation eurozone and overcome the current economic crisis. "It is absolutely necessary to complete the effort that began almost two years to consolidate public finances, restore competitiveness and economic recovery," he said. Investors in markets around the world watched the Greek Parliament nervously Friday as the drama played out. Even if the sweeping reform package agreed to by Greece and the so-called troika, made up of the European Commission, European Central Bank and International Monetary Fund, is approved Sunday in Parliament, Greek lawmakers must still do more. Jean-Claude Juncker, the prime minister of Luxembourg and head of the Eurogroup, which brings together euro-area finance ministers, said Thursday that other assurances were also needed from Athens before the bailout could be paid out. Greece's political leaders must pledge that they will continue to implement the measures after upcoming elections, he said. Athens must also find a further €325 million in "structural expenditure" cuts for 2012, Juncker added. It is not clear whether Greece's lawmakers have yet hammered out a way to make the additional cuts. The leader of the third member of the coalition government, the right-wing LAOS party, told reporters Friday his party would not back the proposed deal. All four of the party's ministers, including the transport minister and deputy defense minister, then resigned. Deputy Foreign Minister Mariliza Xenogiannakopoulou, of PASOK, also stepped down. LAOS, the smallest member of the coalition, holds 16 seats in the 300-seat parliament, while PASOK has 153 and New Democracy 83. The bailout deal, which would result in significant losses for bondholders, is intended to help reduce Greece's debts to 120% of Gross Domestic Product by 2020, from about 160% currently. The austerity measures are expected to include job and wage cuts, as well as pension reforms and other unpopular moves. Greek labor unions have waged protests against the measures this week and the issue has become politically charged ahead of planned elections in April. Greece must also settle with its private sector creditors. Finance Minister Evangelos Venizelos said Thursday that the "basic parameters" of a deal had been reached with private sector creditors to write down a portion of the nation's debt. Greece, which owes some €330 billion, has come close to default before. The nation has struggled to follow through on austerity measures and economic reforms that were a condition of its 2010 bailout package. At the same time, the Greek economy has been in recession for years and many analysts warn that additional austerity could make the situation worse.[/QUOTE] Source: [url]http://www.cnn.com/2012/02/11/world/europe/greece-debt-crisis/index.html?hpt=hp_t3[/url]
I bet Plato never had to deal with this.
Why is it so important to know that the youths were hooded? I'm sensing clothism.
[QUOTE=Hidole555;34660106]I bet Plato never had to deal with this.[/QUOTE] Plato wasn't involved with politics, other than philosophical writings.
[QUOTE=Hidole555;34660106]I bet Plato never had to deal with this.[/QUOTE] Nah, he probably just had to deal with Spartan invaders in Athens. [editline]11th February 2012[/editline] [QUOTE=Emperor Scorpious II;34660153]Plato wasn't involved with politics, other than philosophical writings.[/QUOTE] pretty much this.
It was just a joke, calm down. I wonder what would happen if Greece went bankrupt. The reason Greece is in debt is because the [B]government[/B] is in debt, right? What if a coup was staged? (Staged meaning that the government wanted it happen) Remove the government. Remove the debt is the way I look at it.
[QUOTE=Hidole555;34660402] What if a coup was staged? (Staged meaning that the government wanted it happen) Remove the government. Remove the debt is the way I look at it.[/QUOTE] Like faking your death to get out of debt except in a way that won't work at all?
[QUOTE=Captain Forever;34660918]Like faking your death to get out of debt except in a way that won't work at all?[/QUOTE] More like transforming into another person but still retaining the same mind.
[QUOTE=Hidole555;34660936]More like transforming into another person but still retaining the same mind.[/QUOTE] Except everyone else still wants their money back? They're just going to waive their debt? I don't understand how this works. Countries have still had to pay back all sorts of debts (especially war debts) even after being completely restructured.
Another bailout?
[QUOTE=Hidole555;34660402]It was just a joke, calm down. I wonder what would happen if Greece went bankrupt. The reason Greece is in debt is because the [B]government[/B] is in debt, right? What if a coup was staged? (Staged meaning that the government wanted it happen) Remove the government. Remove the debt is the way I look at it.[/QUOTE] Lol not how it works.
[QUOTE=Hidole555;34660402]It was just a joke, calm down. I wonder what would happen if Greece went bankrupt. The reason Greece is in debt is because the [B]government[/B] is in debt, right? What if a coup was staged? (Staged meaning that the government wanted it happen) Remove the government. Remove the debt is the way I look at it.[/QUOTE] The only way I can think of a sovereign debt being waived would be for the country to simply stop existing. Not just absorbed by another country; just stop existing. Unless you're a poor developing country.
I like how the country is in the deep shit and when the government cuts things to try and save the boat, everyone strikes and riots sending the country even deeper into the shit.
[QUOTE=acds;34662932]I like how the country is in the deep shit and when the government cuts things to try and save the boat, everyone strikes and riots sending the country even deeper into the shit.[/QUOTE] But if you raze everything that means it'll have to be rebuilt and the economy'll be stimulated it's genius!!
[quote]Greek teacher's income cut by 30% Can Greece prevent a massive default?[/quote] Both my parents are teachers and now we can hardly sustain ourselves with my bro in university. Fuck off IMF.
[QUOTE=i_speel_good;34663665]Both my parents are teachers and now we can hardly sustain ourselves with my bro in university. Fuck off IMF.[/QUOTE] Join the 2 days general strike.
You know a government's fucked when it's news that their cabinet agreed on something
Guess that what happens when the [I]unofficial [/I]national sport is tax evasion. [B]AND[/B] basing the economy almost purely on tourism.
[QUOTE=Van-man;34664226]Guess that what happens when the [I]unofficial [/I]national sport is tax evasion. [B]AND[/B] basing the economy almost purely on tourism.[/QUOTE] A lot of countries have their entire economy based on tourism. Much of the Caribbean is like that.
[QUOTE=Hidole555;34660402]It was just a joke, calm down. I wonder what would happen if Greece went bankrupt. The reason Greece is in debt is because the [B]government[/B] is in debt, right? What if a coup was staged? (Staged meaning that the government wanted it happen) Remove the government. Remove the debt is the way I look at it.[/QUOTE] That doesn't make sense. The country is in debt because of the government, but the government doesn't have any money of it's own. It just allocates money to where it's needed, but the money comes from the national treasury which is filled with tax money. The only thing they can do is find people that can handle money.
Greek politics has been such a mess; I hate hearing how bad off the country has been. :/
[QUOTE=Hidole555;34660402]It was just a joke, calm down. I wonder what would happen if Greece went bankrupt. The reason Greece is in debt is because the [B]government[/B] is in debt, right? What if a coup was staged? (Staged meaning that the government wanted it happen) Remove the government. Remove the debt is the way I look at it.[/QUOTE] If that were the case, then the US wouldn't have to worry, because the debt would be erased every 4-8 years. Unfortunately, in this reality, that is not the case.
They just sold the last freedom they had, good job. I bet the young people that demonstrated are really happy now when their country can't change it's future. Oh wait they will be even more pissed.
dumbshits, i'm HOPING for more riots now
[QUOTE=Sexy Eskimo;34671562]They just sold the last freedom they had, good job. I bet the young people that demonstrated are really happy now when their country can't change it's future. Oh wait they will be even more pissed.[/QUOTE] Well of course they would be more angry. You don't make protests go away by doing more things the protesters won't like.
[QUOTE=Hidole555;34660402]It was just a joke, calm down. I wonder what would happen if Greece went bankrupt. The reason Greece is in debt is because the [B]government[/B] is in debt, right? What if a coup was staged? (Staged meaning that the government wanted it happen) Remove the government. Remove the debt is the way I look at it.[/QUOTE] If you wanna do it like that, just drop out of the EU, and throw the Euro out. Instant success.
[QUOTE=Sexy Eskimo;34671562]They just sold the last freedom they had, good job. I bet the young people that demonstrated are really happy now when their country can't change it's future. Oh wait they will be even more pissed.[/QUOTE] Because they would've had freedom to do nothing while eating nothing and enjoying nothing as their country slowly starves to death.
[img]http://i.imgur.com/JdJRA.png[/img]
In times like these i wonder why there is no emergency plan that forces all companies to donate all profit to the national treasury for a limited time and everyone that earn a certain amount of money have to pay more taxes according to their wealth.
[QUOTE=sami-pso;34678591]In times like these i wonder why there is no emergency plan that forces all companies to donate all profit to the national treasury for a limited time and everyone that earn a certain amount of money have to pay more taxes according to their wealth.[/QUOTE] They would just move out of the country.
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