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Parliament Approves Next Greek Austerity Phase …

  • June 30th, 2011
  • Posted by EUEditor

greece-athens-and-parthenon.jpgThe Greek parliament has approved the package of new austerity measures at the heart of bitter conflict in the country this week.

The ruling Pasok bloc turned out its full majority of 155 votes, in the 300-seat house, with 138 votes against.

The program launched a year ago under urgings and supervision from the European Union and the International Monetary Fund is designed to prevent Greece defaulting on its national debt.

The two organisations have been providing loan funds at viable rates to the government in Athens, its credit ratings now too low to allow it to borrow on commercial markets.

At stake this week was extra funding, to start with €12-billion (A$16.23-billion; xe.com, 30.6.11) in loans money.

The price is a large-scale reduction in commitments, with lay-offs of public employees, extra taxes, and asset sales… all too much for a long-suffering and angry public.

Wild demonstrations and a national strike blocked the capital city as the parliamentarians met to vote.

See EUAustralia Online: “Lagarde and the battle of Syntagma Square”, 29.6.11; “EU heads on Croatia, Greece”, 25.6.11; “Greek vote on crisis”, 22.6.11.

Reference

Maria Petrakis and Natalie Weeks, “Papandreou Wins Budget Vote as Risk of Default Recedes”, (Bloomberg) Business Week, NY, 29.6.11. http://www.businessweek.com/, (29.6.11).

Reuters, London, “Greek parliament approves austerity law”, 29.6.11.
http://www.reuters.com/article/2011/06/29/us-greece-vote-view-idUSTRE75S3BX20110629, (29.6.11).

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