Posts Tagged ‘Austerity Measures’

GlobalResearch.ca – Centre for Research on Globalization

Friday, June 18th, 2010

 

BP Tells Cleanup Workers They’ll Be Fired If They Wear Respirators

- by Washington’s Blog – 2010-06-18

US Opposes ICC Bid to Make ‘Aggression’ a Crime Under International Law

- by Howard LaFranchi – 2010-06-18

Nobel Laureate Mairead Maguire Calls for Israel’s Blockade of Gaza to Be Lifted Completely

- by Ray Hanania – 2010-06-18


The Uzbek and Kyrgyz Ethnic Conflicts in Kyrgyztan: Replay of the 1990 Osh Drama

- by Aleksandr Shustov – 2010-06-18


Hyperinflation or Deflation? Dramatic Fiscal Austerity Measures: "Deficit Terrorists" Strike in the UK — The USA is Next

- by Ellen Brown – 2010-06-18


Imaging, Spy-Cams and Drones: The New Hi Tech Homeland Security State

- by Tom Burghardt – 2010-06-18

Afghan Minerals May Reach 3 Trillion Dollars

- 2010-06-18


Twenty-Two Reasons Why American Working People Hate the State

- by James Petras – 2010-06-18


The Collapsing Western Way of Life

The greatest threat to the Western Way of Life is the Western Way of Life itself.

- by John Kozy – 2010-06-18

The greatest threat to the Western Way of Life is the Western Way of Life itself.


"The War is Worth Waging": Afghanistan’s Vast Reserves of Minerals and Natural Gas

The War on Afghanistan is a Profit driven "Resource War".

- by Michel Chossudovsky – 2010-06-17

The war on Afghanistan is a profit driven "resource war".


Embargoes and Blockades used as a Method of Warfare

Project for Pitiless Centuries

- by Felicity Arbuthnot – 2010-06-17

US War Ships off the Chinese Coast

- 2010-06-17

Crisis in Rwanda: Kagame Releases Defense Lawyer Erlinder on "Medical Grounds"

- by Ann Garrison – 2010-06-17


Mounting Foreclosures Across America: Homeowners Seek Mortgage Justice

Memories and Misery in CNN Land

- by Danny Schechter – 2010-06-17


The Middle East is Changing, and Ankara Knows It

- by Ramzy Baroud – 2010-06-17


The 2010 Bush-Cheney Gulf Coast Oil Spill

- by Rodrigue Tremblay – 2010-06-17

NOW ON GLOBAL RESEARCH TV: War Promises, The Battle Against State and Media Disinformation

View pathbreaking video on GRTV

- 2010-06-17


Kyrgyzstan: Eurasian Geopolitics 101

- by Eric Walberg – 2010-06-17


The Game that Goes On and On: A Swiss Bank, a President, and the Permanent Governement

- by Russ Baker – 2010-06-16

Spain Plays High-Stakes Poker Game with Germany as Borrowing Costs Surge

- by Ambrose Evans-Pritchard – 2010-06-16


VIDEO: BP Admits That – If It Tries to Cap the Leak – the Whole Well May Blow Up

- by Washington’s Blog – 2010-06-16


Documents, Employees Reveal BP’s Alaska Oilfield Plagued By Major Safety Issues

- by Jason Leopold – 2010-06-16


BP and Halliburton’s Role in the Gulf Oil Disaster– Well Casing Horror Story

- by Rob Kall – 2010-06-16

The Fed’s Purchase of US Sovereign Debt: "The US Treasury is under the Control of the Fed’s Owners".

US, UK and European financial systems are on the way to collapse

- by Bob Chapman – 2010-06-16


Merging with Rachel Corrie – A Dedication to Non-violence

- by Matthias Chang – 2010-06-16


Afghanistan: The Longest Lost War

- by Prof. James Petras – 2010-06-16


Crimes by Israel, Sanctions for Iran

- by Kourosh Ziabari – 2010-06-16


Gaza: Citizens’ Voices from 26 European Countries

- 2010-06-15

One Trillion Dollars in Mineral Deposits Discovered in Afghanistan

- 2010-06-15

118 People Killed, 1609 Injured in Kyrgyzstan Clashes

- 2010-06-15


The Other Fateful Triangle: Israel, Iran and Turkey

- by Sungur Savran – 2010-06-15


The Role of "Mental Imagery": Giving a "Human Face" to Racism, Genocide and War Crimes

Psycho-biological Basis for Image Leverage

- by Denis G. Rancourt – 2010-06-15

U.S. Identifies Vast Mineral Riches in Afghanistan

- by James Risen – 2010-06-15


Unusual Trading in Stock Options Prior to 9/11: Government Destroyed Documents Regarding Pre-9/11 Put Options

- by Washington’s Blog – 2010-06-15

275,000 Refugees Flee Southern Kyrgyzstan Violence – UNHCR

- 2010-06-15

China Prposes Collective Security Treaty Organization (CSTO) Stability Efforts for Kyrgyzstan

- 2010-06-15


VIDEO: Media Took Government Cash During Trial of "Cuban Five"

Conviction influenced by journalists on the State Department Payroll

- 2010-06-15


Gangs and Violence in Jamaica and Haiti

- by Roger Annis – 2010-06-15

VIDEO: Is BP Blocking Media Coverage of Oil Slick Disaster?

- 2010-06-15

Activity at US Base in Kyrgyzstan ‘Unabated’ Pentagon Says

- 2010-06-15

Chinese Chartered Planes Bring Home 195 Nationals from Kyrgyzstan

- 2010-06-15


Kyrgyzstan Unrest Adds New Edge to Global Powers’ Regional Rivalry

- by Nick Amies – 2010-06-15


VIDEO: Oil Seeping Up from the Sea Bed. "There is Going to be So Much Oil Out There"

- by Senator Bill Nelson – 2010-06-15

Afghans Say US Team Found Huge Potential Mineral Wealth

- 2010-06-15

50,000 Kyrgyz Refugees Left Without Living Conditions at Border with Uzbekistan

- 2010-06-15


US “Surge” in Afghanistan in Disarray

- by Barry Grey – 2010-06-15


VIDEO: Wikileaks to Publish Secret State Dept. Cables: Daniel Ellsberg Fears Pentagon Hit on Wikileaks Founder Julian Assange

- by Daniel Ellsberg – 2010-06-14


The Specter of German Revanchism

- by Dr. Natalia Meden – 2010-06-14

France Sells Weapons to Russia: Russia Presses Demands for High-Tech French Warships

Negotiations on most ambitious bid to reach out to Russia have stumbled

- by Marina Lapenkova – 2010-06-14

GlobalResearch.ca – Centre for Research on Globalization

The Greek spirit of resistance turns its guns on the IMF

Monday, May 10th, 2010

 

Source: London Guardian

Deep inside the august halls of Athens University, the renowned political commentator Paschos Mandravelis will deliver a message this week that until very recently was lost on most Greeks.

His speech will focus on a single fact: that the country in the centre of the storm of Europe’s worst crisis since the creation of the common market, missed the biggest story ever – its own looming bankruptcy. "Everyone," he says, "starting with the Greek media, was in an incredible state of denial."

Last week escapism was no longer an option as Greece‘s debt drama claimed its first lives and the nation, teetering on the brink of economic collapse, erupted into violent protests over unprecedented austerity measures.

The deaths on Wednesday of three Greeks, killed in a fire set off by hooded youths throwing petrol bombs into the bank in which they worked, has been the wake-up call – one more shocking than ever thought – to ask questions Greeks would have preferred never to ask.

Yesterday, as tributes continued to pour in for the victims – a man and two women, all recent British university graduates who had shown up for work despite a general strike for fear of losing their jobs – they were asking: "How could it come to this?"

"Greece," says Mandravelis, "is not only confronted with economic failure but a media failure and political failure, and that is what is so frightening."

The financial, and increasingly social, crisis gripping the country has, say analysts, brought the nation face to face with a myth: the myth of a democratic state that thrived not on meritocracy and progress but cronyism and corruption after the last chapter of its troubled history ended with the collapse of military rule in 1974.

As Athens prepares to receive the biggest bailout in history – up to €120bn dispensed from the EU and IMF over the next three years – the consensus is that Greece has reached rock bottom. A point so low that even Brigadier Stylianos Pattakos, the last of the dictators still alive, feels unabashedly vindicated. "In our time," he told the Observer in an interview, "there was no debt. Not one drachma went astray. The Greeks are not disciplined like the Germans or the British. They need authority."

Today the junta is embodied not by the likes of Pattakos, who at the age of 98 has no qualms about his role in quashing liberty in the birthplace of democracy, but the IMF. For the unions and tens of thousands who took to the streets last week – and are girding their loins for the "mother of all battles" in the weeks and months ahead – the Washington-based body is neither saint nor saviour.

Prime minister George Papandreou agreed to activate the emergency international aid after it became clear two weeks ago that Greece was heading for sovereign default, unable to refinance its staggering €300bn (£259bn) debt because of prohibitively high borrowing costs on international markets.

But for those on the left, leading the protests with flags emblazoned with the hammer and sickle, the intervention of the IMF has been the tipping point. The majority of Greeks not only see it as the harbinger of harsh economic reforms but the symbol of foreign occupation. For the abundance of conspiracy theorists on both the left and right, its involvement is part of a grander, but seemingly no less implausible, plan to subjugate Greece after draining the country of its resources.

"This has gone beyond economic matters to a battle for national independence," says Manolis Glezos, the leftist who shot to fame snatching the swastika from the Acropolis shortly after Hitler’s forces streamed into Athens in 1941.

"Papandreou himself has admitted we had no say in the economic measures thrust upon us. They were decided by the EU and IMF. We are now under foreign supervision and that raises questions about our economic, military and political independence."

At approaching 88, Glezos embodies the Greek spirit of resistance – a leading light in the struggle against Nazi occupation, bloody civil war, authoritarian right-wing rule and the seven-year military dictatorship that ended with Pattakos sending a tank crashing through the gates of the Athens Polytechnic to crush the students’ revolt that would pave the way to the regime’s demise.

"We are," he says, "neither at the middle nor the end of political developments, of protesting what is happening in this country. We are at the beginning."

The Greeks’ innate anti-authoritarianism, a legacy of 400 years of Ottoman rule, is also at the heart of the problem that has helped to push their country to what President Karolos Papoulias described last week as "the brink of the abyss".

More than any other European nation, the Greeks think nothing of taking to the streets in noisy outbursts of protests. But more than that, in a culture of cutting corners, they also have a problem with being told what to do. It is an attitude that could have profound consequences for Papandreou’s ability to enforce policies that include painful wage and pension cuts – and the course of the crisis.

"The capriciousness of Ottoman rule and the weakness of the idea of the rule of law helped to shape the underlying values of Greek society and to determine attitudes to the state and to authorities that have persisted into the present," wrote Richard Clogg, Britain’s pre-eminent historian of modern Greece.

Nothing encapsulates the strained relationship with authority more than the nation’s predilection for avoiding the taxman – a hobby that has helped to push the public deficit to a European record – and Greeks’ love-hate relationship with the state.

Assuming power after five years of scandal-plagued conservative rule last October, the Socialist government discovered that the tax inspectorate had virtually collapsed with revenue losses from tax evasion surpassing €20bn, more than any other eurozone nation.

It also emerged that fewer than 15,000 Greeks declare incomes of over €100,000, despite tens of thousands living in opulent wealth on the outskirts of the capital. A new drive by the Socialists to track down swimming pool owners by deploying Google Earth was met with a virulent response as Greeks invested in fake grass, camouflage and asphalt to hide the tax liabilities from the spies in space.

The country’s black economy – estimated conservatively at 30% – has also helped to bring public finances to the point of meltdown.

"When the rest of Europe were living in dukedoms and refining democratic institutions, we were part of a huge empire living in an agrarian and feudal Balkan state," said Nikos Dimou, author of the best-selling book The Misfortune of Being Greek. "We had little relationship to our glorious past. Our institutions were imported or thrust upon us, our identity both eastern and western. It created a human being that feels very strange in his skin, culturally very different to other Europeans."

Dimou wrote the book in the latter years of the junta, but with ordinary Greeks now embroiled in the sort of soul-searching last seen at the end of the junta, the tome is selling like hotcakes. "Greeks want to know why they have got to this point, what went wrong," he says.

The austerity measures that have provoked such unrest aim to trim the budget of €30bn through 2012. Almost all are targeted at the country’s dysfunctional and bloated public sector.

"Papandreou is paying for the sins of his father [former prime minister] Andreas, under whom Greece’s debt soared," added Dimou. "The cuts he will have to make have never been made before. It is all very new."

But with poverty growing and the country’s militant Communist party insisting that "the plutocracy pay" for the crisis, Greece could also be headed for a new class warfare the likes of which have never been seen before. Some commentators have not ruled out kidnappings and assassinations as Greek turns against Greek in the months ahead.

The conspiracy of silence that has marked Greece’s troubles may be over, but the battle that could tear it apart has only just begun.

The Greek spirit of resistance turns its guns on the IMF – BlackListed News

Divisions Between the US and Europe Widen Over Greek Financial Bailout

Sunday, March 21st, 2010

by Stefan Steinberg

image

Global Research, March 21, 2010

World Socialist Web Site – 2010-03-19

The Greek government is preparing to turn to the International Monetary Fund (IMF) for financial help in the next few weeks to avert a default on its national debt. The move to engage the IMF follows the failure of European finance ministers meeting in Brussels earlier this week to agree on any concrete plan to provide financial backing for Greece. The principal obstacle at the Brussels meeting was the hard line taken by Germany.

On Thursday, Greek Prime Minister George Papandreou told the European Parliament that the interest rate Greece is forced to offer investors for servicing its debt is unsustainable, and that his government had complained to the IMF. Papandreou said the inflated borrowing costs would more than offset his government’s savings from the sweeping austerity measures it has introduced.

It is estimated that Greece will have to refinance some €54 billion of its debt in 2010, of which €22 billion will come due in April and May. The government was able to raise €5 billion in fresh loans earlier this month, but only by agreeing to pay about 6.3 percent interest on its bonds.

This is fully 3 percentage points higher than the average interest rate on German state bonds. According to one Greek finance official, the high rates demanded by international investors were deterring Greece from seeking to sell additional bonds. “One thing is for sure,” he said, “We will not go to the market again with these barbaric interest rates because this is a recipe for bankruptcy.”

The €5 billion in loans raised in March by the Greek government is actually a larger sum than the savings to the Greek treasury from the €4.8 billion supplemental austerity package the Greek parliament passed on March 3.

Expressing his frustration over the failure of the European Union to put together a financial rescue package for Greece, Papandreou declared that the austerity measures Greece is taking at the behest of the EU are as severe as those that would have been demanded by the IMF. “They [the IMF] would ask nothing more,” he said. “We have the worst of the IMF” without the benefits of an IMF loan, Papandreou complained.

Greek officials have warned that they are giving the European Union a last chance at its summit meeting next week, but according to one government source, the chances of a solution “do not look good.” The official added, “If there is no clear support at the EU summit on March 25, we will have to decide where to go next. There are a number of scenarios on the table, but the most prominent one is the IMF.”

For its part, the German government reinforced its opposition to an EU bailout. The German finance ministry explicitly warned that Greece should not expect a detailed financial aid package from the March 25 meeting of EU heads of government. On Wednesday, German Chancellor Angela Merkel cautioned Germany’s EU partners against any “rash decision” to bail out Greece.

In another move reflecting the hardening of the German position, Merkel told the German parliament (Bundestag) Wednesday that she supported the suggestion put forward last weekend by her finance minister that countries failing to meet official EU budget criteria be subject to exclusion from the Eurozone—i.e., that they no longer be allowed to use the euro as their currency.

German Finance Minister Wolfgang Schäuble broached the issue recently in connection with a proposal for the establishment of a European Monetary Fund that would have broad powers to impose draconian terms on highly indebted Eurozone nations.

In her speech to the Bundestag, Merkel called for “an agreement under which, as a last resort, it is possible to exclude a country from the Eurozone if again and again it doesn’t fulfil the requirements.” While not mentioning Greece by name, the implications of her threat were clear. From Athens, Prime Minister Papandreou retorted that there was “zero possibility” of Greece leaving the Eurozone.

The proposal of Schäuble and Merkel also received a rebuff from the president of the European Central Bank, Jean Claude Trichet, who told the French magazine Le Point that the notion of expelling a Eurozone member was “absurd.”

On Wednesday evening, senior figures in Merkel’s Christian Democratic Union (CDU) indicated that Germany would reluctantly support an IMF deal. Michael Meister, deputy leader of the CDU parliamentary group, told the Bloomberg news agency, “Nobody apart from the IMF has these instruments.”

Meister conceded that his parliamentary group had been strongly opposed to an IMF bailout for any Eurozone country, but its members were also adamantly opposed to a bailout for Athens.

In light of the fact that it would take years to establish a European Monetary Fund as an alternative to the IMF, and the idea has already encountered considerable opposition from political and economic circles within Europe, it now appears that Berlin has reconciled itself to an intervention by the IMF in the Greek crisis.

The Merkel government has also been forced to confront the fact that the opposition to intervention in the Eurozone by the US-dominated IMF is crumbling. On Wednesday, three of the Eurozone’s 16 nations—Finland, the Netherlands and Italy—declared that they were in favour of turning to the IMF for financial aid if Athens is unable to refinance its debt.

It can hardly be an accident that Greece’s open threat to go to the IMF has followed Papandreou’s meetings last week in Washington with President Barack Obama, Secretary of State Hillary Clinton, Treasury Secretary Timothy Geithner, and leading congressmen and business figures. While publicly the US is taking a hands-off approach to the crisis in Greece and its reverberations throughout the European Union, there can be little doubt that privately US officials assured Papandreou that they would support an IMF intervention.

This would mark an unprecedented intervention by the US into the internal affairs of the EU, something that Germany, in particular, has sought to prevent. The conflict over IMF intervention into the Greek crisis is yet one more expression of mounting tensions between Washington and Berlin.

The comments by Meister and others will do nothing to resolve the conflicts within the European Union and the differences between leading European countries and the US on how to deal with the Greek crisis. The Wall Street Journal on Thursday cited a “senior Greek official” as saying, “The rift with Germany is widening instead of narrowing. There is an increasing belief in the government that the IMF will be the only solution.”

Tensions between the European political elites are not restricted to Greece. Throughout Europe, nations are preparing austerity packages to cover huge state deficits resulting from bailouts of their respective banking systems. In a column this week in the Financial Times, Martin Wolf makes the point that Greece is not the real problem for the Eurozone. Wolf writes that “it is not Greek public finances that threaten the stability of the Eurozone. These are a mere bagatelle. The threat is the public finances of big countries.”

As the financial crisis enters a new stage, national antagonisms and egoisms are increasingly coming to the fore. French Finance Minister Christine Lagarde recently suggested that Germany’s dependence on exports is partly to blame for the crisis, and its refusal to stimulate domestic demand is making it harder for other countries to recover.

German politicians and the German media brusquely rebuffed the French criticism. On Wednesday, Chancellor Merkel ended her speech to the German parliament by insisting, “Germany will not forfeit its export strength.”

Differences are also deepening with the US and within Europe over measures to regulate certain forms of speculation. Following declarations by both French and German government leaders that they favoured some sort of regulation of derivatives trading and hedge funds, US Treasury Secretary Geithner publicly objected. Geithner sent a letter to the European internal markets commissioner declaring that proposed European restrictions on private equity and hedge funds “discriminate against US firms and deny them the access to the EU market that they currently have.” Britain, also a major international centre for hedge funds and derivatives trading, has lined up with the US.

The issue of financial regulation was on the agenda of the meeting of EU finance ministers earlier this week, but no concrete measures were agreed on following the intervention of the British. Prime Minister Gordon Brown contacted Spanish Prime Minister José Luis Rodríguez Zapatero and informed him that Britain was not prepared to accept the proposals put forward by Germany and France. At the last minute, the EU presidency, currently held by Spain, pulled the issue of hedge fund regulation off the agenda.

 

Global Research Articles by Stefan Steinberg

http://www.globalresearch.ca/index.php?context=va&aid=18243

Greek police storm government office?

Tuesday, March 9th, 2010

Well at least one country among us has their sights adjusted correctly. One might ask when our boys in blue will realize were getting bent over the parapet only to be thrown off when our value is gone.

I raise a toast to real humans in greece responding to financial tyranny , being noble and brave and stupid at the same time. They didnt behead the beast but they did set a precedent . Valiant effort guys , wrong target.

Verndewd

 

Greek police stormed a government printing

Греческие полицейские штурмом взяли правительственную типографию

В Афинах сотрудники МВД Греции штурмом взяли государственную типографию. In Athens, Greek Ministry of Internal Affairs officers stormed the state printing office. Об этом сообщает телеканал "Россия 24". It is reported by TV channel "Russia 24".

Греческие полицейские хотят воспрепятствовать изданию правительственной газеты с текстом закона о новых жёстких мерах экономии средств федерального бюджета. Greek police want to prevent the publication of government paper with the text of the law of the new stringent economy measures of the federal budget. Согласно законодательству страны, принятый закон может вступить в силу только после опубликования в официальной газете правительства Греции. According to the law of the country, passed a law can come into force only after publication in the official newspaper of the Government of Greece.

Законопроект, вызвавший такую реакцию, предусматривает существенное сокращение зарплат, премиальных и праздничных выплат, рост других налогов и акцизов. The bill, which caused such a reaction, provides a significant reduction in salaries, bonuses and holiday pay, the growth of other taxes and excise taxes.

Правительство ожидает, что дополнительные жёсткие меры экономии принесут в бюджет 4,8 млрд евро дополнительных доходов, что обеспечит снижение дефицита госбюджета до уровня 4% против дефицита Греции в 8,7% ВВП. The Government expects that additional austerity measures will bring the budget 4.8 billion euros of additional revenue that would allow reduction in the state budget deficit to the level of 4% against the deficit of Greece to 8.7% of GDP.

Напомним также, что сотрудники главной греческой авиакомпании Olympic Airlines, уволенные после передачи авиакомпании в частные руки, пятый день подряд удерживают в своих руках здание Главного финансового управления (казначейства) Греции. Recall also that the principal officers of the Greek airline Olympic Airlines, the airline laid off after the transfer into private hands, the fifth consecutive day hold in their hands the building of the Chief Financial Management (Treasury), Greece. Из-за их действий частично перекрыта центральная афинская улица Панепистимиу. Because of their actions partially offset by a central Athens street Panepistimiu.

Google Translate

world socialist web

Saturday, March 6th, 2010
Amid angry protests in Greece
Papandreou pledges to impose austerity plan in meeting with Merkel

By Ulrich Rippert, 6 March 2010

On Friday, Greek Prime Minister George Papandreou met with German Chancellor Angela Merkel in Berlin and assured her that his government would impose the austerity measures demanded by the European banks and the European Union.

US payrolls shrank by 36,000 in February

By Barry Grey, 6 March 2010

The Labor Department’s employment report for February, released Friday, showed that the US economy is continuing to shed jobs and wages are continuing to decline.

Thousands rally in San Diego, California against education cuts

By a WSWS reporting team, 6 March 2010

Members of the International Students for Social Equality addressed large demonstrations in San Diego, California, as part of protests throughout the state and country on March 4.

Video: ISSE members speak at San Diego rallies
Pakistan: Zardari and his PPP-led government weakened by clash with judiciary

By Sampath Perera, 6 March 2010

Pakistani President Asif Ali Zardari and the country’s Pakistan People’s Party-led coalition government have suffered a further blow to their power and prestige as the result of a clash with the Supreme Court over judicial appointments.

Irish unions seek new partnership with government and employers

By Steve James, 6 March 2010

The Irish trade unions bear primary responsibility for the successful imposition of austerity measures against workers after the world financial crisis overwhelmed the country’s financial sector in late 2008.

Cover-up exposed in post-Katrina police killings

By Patrick Martin, 6 March 2010

A New Orleans police supervisor pled guilty February 24 in a federal court to charges of conspiracy to cover up the police shooting of six unarmed people a few days after Hurricane Katrina struck the city.

Australia: Rudd government unveils plan to cut health spending

By Mike Head, 6 March 2010

Despite being presented as an historic “reform,” the plan has nothing to do with resolving the worsening crisis in the chronically under-funded health system.

Britain: Railworker Graham McMillan imprisoned

By Paul Barnes, 6 March 2010

The imprisoning of Network Rail worker Graham McMillan for two years is an act of cruel and callous indifference towards someone who is clearly suffering from mental difficulties brought on by a series of personal traumas.

 

http://www.wsws.org/index.shtml

The Ruthless Truth blog is Digg proof thanks to caching by WP Super Cache