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Greek Vote On Crisis

  • June 22nd, 2011
  • Posted by EUEditor

athens-and-parthenon.jpgThe Greek government has won a confidence vote in parliament that has enhanced the chances of the EU budget bail-out continuing.

All 155 members of the ruling Pasok party, acting in solidarity after nearly a month of members’ resignations and a sweeping cabinet reshuffle, voted for confidence, against 144 in opposition, with two abstentions.

The process moves on to a vote expected next week on continuation of an austerity program demanded by the European Union and the International Monetary Fund.

If that vote goes through Greece will have access to a second phase of preferential loans, €12-billion, easing the pressure for the country to default on its liabilities.

EU Finance Ministers are to review the situation on 11.7.11.
The 17 European countries in the “Eurozone”, using the Euro, have supported special loans to Greece, Ireland and Portugal, all impaired getting out of recession — unable to get extensions of heavy sovereign debt on the usual markets.

Members of the Greek public, at huge protests outside the parliament in Syntagma Square, will not demonstrate great feelings of relief.

Mortified by an impending 20% cut in public service jobs, already the closure of hundreds of schools and colleges, and 16% general unemployment, much worse for the young; they fear the treatment for economic ills will cause more sickness, if they cannot work to rebuild.

See also, EUAustralia Online: “Greek crisis unrelenting”, 18.6.11; “Portugal vote”, 8.6.11; “Europe Day …”, 17.5.11; “Ireland change of government”, 12.7.11; “Greece pleases EU …”, 11.4.10.

One Response to “Greek Vote On Crisis”

  1. David Says:

    The Greek crisis will never be solved by additional rescue packages. This will only prolong the period leading to the complete default. The world leaders should have listened to the warnings of certain European countries that refused to pour more and more money into these packages.

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