Greece Passes Austerity Measure
Late on Thursday, Greece’s parliament voted and passed harsh austerity measures to combat defaulting on their debt. While riots and demonstrations ( hundreds of thousands) raged outside parliament on Thursday night, both of Greece’s main parties argued for hours over what should be executed to help Greece.“The 172-121 win was a joyless affair, however, for Prime Minister George Papandreou and his Socialist Party. The three-year austerity package, which the European Union and the International Monetary Fund required in return for a 110-billion-euro ($145 billion) bailout, will impose painful and far-reaching changes on Greece.” -USA Today - Linked Artilce
Without getting into political options, the overall effect of these austerity measures is that the greek working class will once again carry the burden of political/Corporate theft. Just like the Americans did, 9 months ago, having to bail out AIG and most of the US financial institutions, Greek citizens will shoulder the Euro/IMF rescue plan. What overall effect this will have on the actual debt problem is unknown but life for the lower/middle class is just about to get very hard for the prolonged future.
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