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Not On My Watch
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Discussion Starter · #1 ·
They are getting their bailout but this is what they must do as part of the agreement.

˜An increase in the retirement age from an average age of 53 to 67;#
˜Government workers to lose annual bonuses worth an extra two months' pay;
˜Ten per cent tax rise on alcohol, cigarettes and petrol;
˜Three-year wage freeze in the public sector;
˜Early retirement will be limited or abolished altogether;
˜VAT increase from 21 per cent to 23 per cent.


http://www.dailymail.co.uk/news/worldnews/article-1270415/Collapse-salvation-stark-choice-faced-Greece-faces-26billion-budget-cuts-TWO-years.html

£95bn bailout for the Greeks agreed in largest ever financial bailout of a country
By MAIL FOREIGN SERVICE
Last updated at 11:23 PM on 2nd May 2010

Comments (15)
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Debt-ridden Greece yesterday agreed the largest ever financial bailout of a country.

It will receive 110billion euros (£95billion) from the European Union and IMF in return for deep cuts in government spending to reduce a huge budget deficit.

Announcing the deal yesterday, prime minister George Papandreou told his people to prepare for 'great sacrifices' after violent clashes between police and protesters opposing the cuts at the weekend.

Enlarge
the Greek prime minister George Papandreou and the Greek finance minister George Papaconstantinou head for a Cabinet meeting inside the parliament in Athens this morning


He unveiled austerity measures and tax rises worth 30billion euros (£26billion) including:

˜An increase in the retirement age from an average age of 53 to 67;#
˜Government workers to lose annual bonuses worth an extra two months' pay;
˜Ten per cent tax rise on alcohol, cigarettes and petrol;
˜Three-year wage freeze in the public sector;
˜Early retirement will be limited or abolished altogether;
˜VAT increase from 21 per cent to 23 per cent.
Eurozone finance ministers yesterday met in an emergency session in Brussels to approve the three-year aid package before Athens is due to make a large repayment to commercial creditors later this month.

<p>'It is an unprecedented support package for an unprecedented effort by the Greek people,' Mr Papandreou told a televised cabinet meeting.

Enlarge
A riot policeman jumps over metal railings after being set on fire by protesters throwing petrol bombs druing a demonstration yesterday Colleagues rushed over to him to put out the flames

Enlarge
As a petrol bomb explodes at their feet, policemen leap out of the way at a May Day rally in Athens


Germany will contribute 8.4billion euros (£7.3billion)in the first year of the deal and chancellor Angela Merkel has promised to secure swift parliamentary approval for the contribution despite strong opposition in her country.

'I'm going to work for the Greece programme and its passage,' she said.

Greeks took to the streets in violent protests against the austerity drive at the weekend and there were signs of further unrest last night as a bomb exploded outside the Athens branch of HSBC.

Past governments have shied away from spending reforms to defuse often violent protests from the country's left wing.

But Papandreou, a Socialist with a strong personal approval rating, has insisted the country must face up to its dire financial situation.

Enlarge
A demonstrator throws a stone to riot police during the Athens protest

Enlarge
Demonstrators and police fight outside the Greek Parliament during a May Day demonstration to protest against impending austerity measures

'These sacrifices will give us breathing space and the time we need to make great changes,' he said. 'I want to tell Greeks very honestly that we have a big trial ahead of us.'

The first rescue of a member of the 16-nation eurozone is designed to stem a debt crisis that has shaken financial markets worldwide and spread to other struggling eurozone countries such as Portugal and Spain.

There are also fears the crisis of investor confidence could infect the UK and other countries with large budget deficits.

The Greek government, which insists its citizens must choose between the painful rescue and economic collapse, aims to bring its budget deficit back to the EU limit of 3 per cent by 2014, two years later than originally promised.

But critics say the measures are unfair on ordinary Greeks. 'These measures are tough and unfair,' said Stathis Anestis, a spokesman for private sector union GSEE. 'They lead workers to misery and the country deeper into recession.'

But economists were more positive. 'The aid package will help defuse the primary cause of concern for creditors which is the imminent risk of default,' said Lena Komileva, head of G7 market economics at brokers Tullett Prebon.

However there is still widespread disapproval of the bailout in eurozone members.

German politician Juergen Ruettgers, a conservative ally of Mrs Merkel, said the rescue should come with more restrictions such as sending a EU commissioner to oversee the Greek government's spending cuts and accounting.

'We can't give Greece any blank cheques,' he said.

Enlarge
Police walk in front of a burning broadcast van belonging to state TV. It was set on fire by a petrol bomb
 

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Ready for the big "push"
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Glad I don't own any property in Greece. That's gonna crank up the anger several notches.
 

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Premium Member
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I have doubts Germany is going to contribute no matter what the PM says. things could get real ugly in a hurry.
If I were Germany or a citizen of any other EU country I'd say no to the Greece bailout. Help any truly needy but no multi-billion bailout. The greeks created the mess many years ago and must deal with it themselves.

I predict the EU as a whole will collapse if this bailout goes through and bad economic times also continue.

I see the UK, Germany and France abandoning the EU ship first and going back to their original currencies, dumping the Euro.

The One Europe dream has failed.
 

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Survivalist
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3,242 Posts
I agree that all the entitlement programs are a huge cause to these issues. When those distributions are no longer available those people get upset.

The same thing will happen in the USA because all the entitlement programs and even the national health care which is nothing more than a tax cow masked in helping provide medical care to the underprivileged
 

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Information is Ammunition
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a whole country- bankrupted and bought by a private bank. What would the Spartans think?
 
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Vigilant
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If I were Germany or a citizen of any other EU country I'd say no to the Greece bailout. Help any truly needy but no multi-billion bailout. The greeks created the mess many years ago and must deal with it themselves.

I predict the EU as a whole will collapse if this bailout goes through and bad economic times also continue.

I see the UK, Germany and France abandoning the EU ship first and going back to their original currencies, dumping the Euro.

The One Europe dream has failed.
And will soon fail again...
 

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Registered
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972 Posts
They should go to Huffington Post and exercise Myth #1 till they are out of debt!!!

It is just the beginning of the dominoes placed in order to fall.

And if you look at what is going on there, the cause of their misery (unions) are the first to riot and scream "no fair".

Unions and all other facets of Socialism have to go, once and for all, if ANY country is to crawl back out the abyss.

It's gonna get ugly long before it gets purty again.
 

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Premium Member
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Greece just needs to follow the concepts taught by Dave Ramsey's Financial Peace University and all will be well again. :)
 

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The Power of III
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Per Market Ticker guy, the deal isn't a done deal yet despite the MSM telling us all it has:

Link:

http://market-ticker.denninger.net/archives/2259-No,-Its-Not-A-Done-Deal-Greece.html

Excerpt:
Despite the crooning from Bloomberg:

May 3 (Bloomberg) -- Euro-region ministers agreed to a 110 billion-euro ($146 billion) rescue package for Greece to prevent a default and stop the worst crisis in the currency’s 11-year history from spreading through the rest of the bloc.

The people who negotiated did not actually have authority:

BERLIN -- Germany will examine closely an agreement between Greece, the European Union and the IMF on a bailout for debt-stricken Athens before deciding whether to contribute, Economy Minister Rainer Bruederle said on Sunday.

Sorry, but there's no deal yet.

There might be one, but as of today, there isn't one.

Despite what you're being told by every pump monkey in the media.

This now has to be voted upon by both cabinets and Parliaments in several nations, Germany included.

Some will have to sell more debt to fund this - and they're already over-levered.

Oh, and this does nothing about Spain and Portugal, which are next - while the cash pile that can be assembled for these sorts of things is already being raided.

Don't put on the party hats yet folks. There are dozens of moving parts here and they ALL must lock into position where the needle points to "YES".
 

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Bushcrafter
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Despite what the media are saying, the bailout has not yet been agreed, the Germans are challenging it in one of their courts.The irony is, that because they have had to bail the Greeks out, the Germans will have to impose austerity cuts on their people too......

I've seen some estimates that the Eurozone needs 1 trillion euros in bailouts to stay afloat, this is more money than the IMF has available.....


They need to drop millions of copies of 'Atlas Shrugged' from the air into every country in the eurozone and make the bailouts conditional on everybody reading it...........:cool:
 

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Premium Member
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Premium Member
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If the E.U. goes belly up; does that help our economy or speed its demise?
It helps the U.S. economy. We continue doing what we do best (innovate, produce) and fill the void left by the demise of the EU while they struggle to re-group.
 

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Bushcrafter
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Wooohoo! All this is good news since I hate both the EU and the Euro currency. I have been smiling for weeks. The European Union should have stayed as the small-scale peace project it started as. Now it is just a money-eating colossus.


Nah, not all good news, it's banking crisis part two, only whole countries need bailed out, by banks which are still underwater from crisis part one......
 
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