Greek’s Choice — and Ours: Democracy or Finance?

[abelenkpe]

Greek’s Choice — and Ours: Democracy or Finance?
Which do you trust more: democracy or financial markets?

Greek Prime Minister George Papandreou decided in favor of democracy yesterday when he announced a national referendum on the draconian budget cuts Europe and the IMF are demanding from Greece in return for bailing it out.

(Or, more accurately, the cuts Europe and the IMF are demanding for bailing out big European banks that have lent Greece lots of money and stand to lose big if Greece defaults on those loans – not to mention Wall Street banks that will also suffer because of their intertwined financial connections with European banks.)

If Greeks accept the bailout terms, unemployment will rise even further in Greece, public services will be cut more than they have already, the Greek economy will contract, and the standard of living of most Greeks will deteriorate further.

If Greeks reject the terms and the nation defaults, it will face far higher borrowing costs in the future. This may reduce the standard of living of most Greeks, too. But it doesn’t have to. Without the austerity measures the rest of Europe and the IMF are demanding, the Greek economy has a better chance of growing and more Greeks are likely to find jobs.

Shouldn’t Greeks be able to make this decision for themselves?

(more at link)

------------------------------------------------------------------------------------------------------------------------------------------------
http://robertreich.org/post/12200736000

[Fire Walk With Me]

1. Do like Iceland, kick the bastards OUT!

[Vincardog]

2. I vote that they go democratic and tell the financial parasites to FO

[county worker]

3. Here is what I see. The people did not cause the crisis yet they are made the scape goats.

Financial markets gambled and lost and they want the people to make them whole again. I say screw that!

[truedelphi]

4. According to many journalists in Greece,

Greek Prime Minister George Papandreou is about as popular as the fat, addicted middle aged Elvis was here. Although I suppose he is to be applauded for allowing this to be a democratic decision, if he had not allowed for the measure to be a referendum, the country would be rocked by even more extreme protests. Does anyone here know how dependable the machinery used in elections happens to be in Greece?

Most Greeks are aware that this second push for more austerity cuts is a rather dicey measure. Even if the cuts are made, the relief will only be temporary.

Just like is the case here, help from other Big Banking sources is meaningless until some real regulation goes to the heart of the Banking and Financial Industry.

[truedelphi]

7. Self delete - put in wrong place. n/t

[tk2kewl]

5. K&R

[Lionessa]

6. Apparently more problems though, as his ruling party is asking for his resignation.

Reuters-The Greek government faced possible collapse on Tuesday as ruling party lawmakers demanded Prime Minister George Papandreou resign

[truedelphi]

8. There is a video up in "political videos"

Updated at 6:39 PM

That is a "must" for anyone wanting to understand why there is so much pressure to get the Greeks to capitulate - one more time - to the World's Big Banking Rulers. Once again, Max Keiser patiently explains to the rest of us what is really going on in Greece.

Has a header date of October 19th, though it doesn't get posted to YouTube till the 21st.

And that reason is that Greece is about to get some gold mines up and running.

No one has mentioned this before, except the usual suspect - One Max Kaiser.

Any time the Big Boys start playing rough, it always ends up about gold extraction, oil and gas and uranium, and valuable minerals.