Greece: New Austerity, New Riots

[marmar]

from 24/7WallStreet:



Greece: New Austerity, New Riots
Posted: September 19, 2011 at 6:31 am


The more the Greek government does to get bailout money, the more likely its citizens are to riot. The more they riot, the more its GDP suffers.

Greek Finance Minister Evangelos Venizelos told the IMF and governments that will have to financially support a bailout that he plans to cut the nation’s 2012 budget expenditures. The most likely way to accomplish these goals is to roll back pay increases given to public employees last year and perhaps lay off those who were hired in 2010 and 2011. Such a move could affect 20,000 people.

Greece is desperate, and that is obvious because it will again take actions sure to inflame many voters. Greeks have reacted to such measures in the recent past by riots and work stoppages. The riots happen in full view of the global media. Work stoppages shut down vital sectors, especially those that include services essential to the tourist trade. That gives vacationers the chance to see Turkey, or almost any other nation in southern Europe, instead.

The IMF and EU might as well decide that Greece is a lost cause because its citizens will never agree to or follow new austerity measures that will affect their incomes or their job security. That is not unusual. What else can people do when they lose their livelihoods? Walk away meekly? ...........(more)

The complete piece is at: http://247wallst.com/2011/09/19/greece-new-austerity-new-riots/#ixzz1YOpYelXw

[xchrom]

1. Recommend

[banned from Kos]

2. 'I won't pay' movement spreads across Greece

http://www.msnbc.msn.com/id/41723432/ns/business-world_business/t/i-wont-pay-movement-spreads-across-greece/#.Tncx0tSZJWk

"They blockade highway toll booths to give drivers free passage. They cover subway ticket machines with plastic bags so commuters can't pay. Even doctors are joining in, preventing patients from paying fees at state hospitals.

Some call it civil disobedience. Others a freeloading spirit. Either way, Greece's "I Won't Pay" movement has sparked heated debate in a nation reeling from a debt crisis that's forced the government to take drastic austerity measures — including higher taxes, wage and pension cuts, and price spikes in public services."

[dkf]

4. Well this is what our kids might do one day when confronted with the entitlements they owe us

And the taxes we want to collect on our debts.

[banned from Kos]

6. Greece is headed toward anarchy after its default

The government is dysfunctional now. Roche cut off drug supplies to its hospitals today. Upon default over 50% of its social system will be defunded. They have little military as it is.

[dkf]

10. I feel bad for them. They think they are empowering themselves but

They are also giving themselves the freedom to be miserable.

[dkf]

3. If they don't get funds soon, they aren't going to default on their bonds first.

Instead they will run out of money to pay state employees, pensions, social security and for other government functions. Rioting only makes others less likely to provide funds.

The rioters are shooting their country in the foot.

[Starry Messenger]

5. I love how any political action by the people is a "riot" to Wall Street.

[blindpig]

7. Posturing and dissembling, what they really fear is this....

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1964459

[Starry Messenger]

8. Thank you for that link!

:thumbsup:

[dkf]

9. What who fears?

Good luck to the Greek people with that.

[blindpig]

11. The bankers.

Yes, luck would be helpful but it is work and determination that gets the job done.

[dkf]

12. The greek bankers will be just as screwed as everyone else.

Cutting off our nose to spite our face.

[blindpig]

13. They are the enemy too.

They are capitalists.