« | »

Greek Youths Loot, While Investors Lose 70%

From a quietly rejoicing Reuters:

Violence offers glimpse of Greece’s reform challenge

By Renee Maltezou and Harry Papachristou
February 13, 2012

ATHENS (Reuters) – Greeks swept rocks and broken glass from the streets of Athens on Monday after a night of violence that gave lawmakers a taste of the challenge they face in implementing a deeply unpopular austerity bill demanded by the country’s foreign lenders.

Firefighters doused the smoldering remains of several buildings, set ablaze by hooded youths during protests against the package of pay, pension and job cuts adopted by parliament on Sunday after 10 hours of debate.

"Youths"? They are Communist thugs. Union hirelings. But Reuters and the rest of our media watchdogs will never admit that. "Youths" is the blanket term the news media uses whenever they don’t want to call a spade a spade.

The bill was the price of a 130 billion euro ($172 billion) EU/IMF bailout to save Greece from a chaotic default next month.

The government of Prime Minister Lucas Papademos must come up with a further 325 million euros [$430 million] in budget savings to satisfy euro zone finance ministers, scheduled to meet on Wednesday, and political leaders must commit to implementing the measures even after an election penciled in for April.

Papademos’ government saw 43 deputies rebel in what may be an indication of the difficulties in ensuring politicians stick to the program, which include a 22 percent cut in the minimum wage — a package critics say condemns the economy to an ever-deeper downward spiral.

Meanwhile, we are increasing our minimum wage.

Police said 150 shops were looted in the capital and 48 buildings set ablaze. Some 100 people – including 68 police – were wounded and 130 detained, a police official said on Monday.

There was also violence in cities across the country, including Greece’s second-largest city Thessaloniki and the islands of Corfu and Crete, said the official, who declined to be named

There are no news reports on all of this violence? We have to hear about it from anonymous government officials?

Altogether 199 of the 300 lawmakers backed the controversial bill. The 43 who rebelled were immediately expelled by their parties, the socialists and conservatives

Which is something our political parties would never have the guts to do.

Papademos, a technocrat brought in to get a grip on the crisis, denounced the worst breakdown of order since 2008, when violence gripped Greece for weeks after police shot a 15-year-old schoolboy.

"Vandalism, violence and destruction have no place in a democratic country and won’t be tolerated," he told parliament on Sunday as it prepared to vote

Meanwhile, in our country the Occupy violence is not only being tolerated, it is being subsidized by the Obama administration.

"We are facing destruction. Our country, our home, has become ripe for burning, the centre of Athens is in flames. We cannot allow populism to burn our country down," conservative lawmaker Costis Hatzidakis told parliament…

It is not populism. It is a vicious minority that is funded by the unions and the socials and communists. They are just like the Occupy movement in our country.

The bill sets out 3.3 billion euros ($4.35 billion) of extra budget cuts for this year alone.

It also provides for a bond swap to ease Greece’s debt burden by cutting the real value of private-sector investors’ bond holdings by some 70 percent

You would think the investors would be rioting in the streets.

But no, it is the people who are stealing from the people who were foolish enough to invest in their country.

This article was posted by Steve Gilbert on Monday, February 13th, 2012. Comments are currently closed.

3 Responses to “Greek Youths Loot, While Investors Lose 70%”

  1. Rusty Shackleford

    Yoot? What’s a yoot?

  2. xdannyh

    It seems to me that not so long ago, there was the argument that the IMF would not take part in the Euro zone screw up, in that it was not in the original intent of the IMF to make good the 1st world countries debts but to safety net the 3rd world economies. Now it is the Eu/IMF or maybe it should be IMF/EU that is supposed to ride to the rescue. Watch the pea and pick the shell it is under because the hand is quicker than the eye and just about as fast a politician homing in on a source of $$$. Of course one should not mention that the U.S. is the largest holders of SDR’s in the IMF. In my mind SDR’s are the credit slips held by the U.S. taxpayers. Bye Bye $$$

  3. Anonymoose

    It’s the first logical response to a debt crisis; namely reduce the spending to match the income. Protesting is pointless as the default was inevitable, but I guess they thought if it worked before it’ll work again and the magic loan extensions and bond refinancing would continue—wait, these are the useful idiots, all they see is cuts and they protest.

    The minimum wage reduction is only the government required minimum, an employer could pay more if they are able. The second part is restarting the economy by making the the environment good for business and investors…….which is unlikely to happen as the useful idiots don’t want to work either.

    Ah well, there’s always tourism.


« Front Page | To Top
« | »