Greece bailout

More Austerity and Bail Outs for Greece as Conservative Party Wins Election

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greeceGreece is in turmoil. Austerity demands and debt have ravaged the nation. In spite of this, the pro bail-out and corresponding austerity political party just won the election:

The pro-bailout New Democracy party came in first Sunday in Greece's national election and could gather enough support to form a pro-bailout coalition to keep the country in the eurozone.

The world's eyes have been on Greece and their elections. The reason is one party wanted to default and leave the Eurozone. The two main parties are the New Democracy and the Syriza. The New Democracy party are the conservatives and support the European bail outs, austerity demands and want to stick with the EU and the Euro. The left Syriza wants to default, get out of those austerity demands and leave the Eurozone.

Most are reporting the New Democratic Party of Greece can form a parliamentary coalition.

The euro strengthened as official projections showed Greece’s two largest pro-bailout parties winning enough seats to forge a parliamentary majority, easing concern the country would be forced from the currency bloc.

Greece, You Don't Get a Say After All

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papndreouThe Greece Prime Minister, George Papandreou, just rescinded the referendum on the latest Greek bail out:

Prime Minister George Papandreou called off his plan to hold a referendum on Greece’s new loan deal with the European Union, withdrew his previous offers to resign and opened conciliation talks with his conservative opponents.

This is a 180° move to not let the Greek people have a say in austerity and bail outs. Papandreou had announced a referendum, a national vote for the people, on whether they wanted yet another bail out...or not. The idea the Greek people could have a say in what their country did sent politicians, corporations and Wall Street into a tizzy and a spin.

Just yesterday author Numerian told us the real game:

Americans Are Awash In Spin

orwellian
I have come to the conclusion that Big Brother's subjects in George Orwell's 1984 are better informed than Americans.
 
Americans have no idea why they have been at war in the Middle East, Asia and Africa for a decade. They don't realize that their liberties have been supplanted by a Gestapo Police State. Few understand that hard economic times are here to stay.
 
On October 27, 2011, the US government announced some routine economic statistics, and the president of the European Council announced a new approach to the Greek sovereign debt crisis. The result of these funny numbers and mere words sent the Standard & Poor's 500 Index to its largest monthly rally since 1974, erasing its 2011 yearly loss. The euro rose, putting the European currency again 40% above its initial parity with the US dollar when the euro was introduced.
 
On National Public Radio a half-wit analyst declared, emphatically, that the latest US government statistics proved that the recovery was in place and that there was no danger whatsoever of a double-dip recession. And half-brain economists predicted a better tomorrow.
 

Greece on the Verge of Default

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greek dominoesThe rumors are swirling that a Greek Default is imminent:

Despite strong denials that the country is heading for a default, rumours have grown that the end game is approaching. Wolfgang Schäuble, the German finance minister, has insisted that a sixth, €8bn (£6.8bn) instalment of aid will not be released unless Greece enacts corrective measures to kickstart its economy and improve competitiveness. Experts from Washington and Brussels will fly into Athens this week to assess whether Greece is sticking to its programme of drastic spending cuts and tax rises, amid fears that its creditors could be ready to pull the plug.

Literally there are talks about seizing Greek assets, by force.

Germany’s EU commissioner Günther Oettinger said Europe should send blue helmets to take control of Greek tax collection and liquidate state assets.

Greece, assuming in response, announced a new property tax, collected through electricity bills:

The tax is €4 per square meter (about $0.50 per sq. feet). The government is projecting this levy will make up for the revenue shortfall due to the sharper than expected contraction in the Greek economy.

Everyone's a Helot Now

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Originally published on The Agonist

The mountains look on Marathon - / And Marathon looks on the sea; / And musing there an hour alone, / I dreamed that Greece might yet be free. - Lord Byron

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The Greek parliament voted to approve this week what might justly be titled “The Debt Enslavement Act of 2011”. Under this act, everyone in Greece gets to be a helot, and how bad could that be? It’s not like the old days. In ancient Greece the youth of Sparta participated every autumn in the Krypteia, a sort of military training exercise in which Spartans would hunt down and kill helots without fear of legal reprisal. The helots were Greeks too, just the wrong kind of Greeks – lower class, servile, tied to the land. Slaves, in effect.

Modern day slaves aren’t tied to the land anymore – they are tied to their bank. So are governments, for that matter. How often have you read in the past few weeks that unimaginable economic consequences await us if Greece defaults? Angela Merkel said so. So did Nicolas Sarkozy, and now the new IMF head, Christine Lagarde, has said that the Greek opposition party needs to unite with the majority Socialist party to approve new tough austerity measures for the country. If they do, the IMF, the European Union, and the European Central Bank will release the last tranche of a previously-agreed loan. These three noble institutions, called “the Troika” by the press, are basically telling Greece “We are going to default on our loan commitments to you if you don’t deliver even more cutbacks, tax increases, asset sales, and unemployment than you previously promised.” The Troika, no doubt, does not enjoy trafficking in pain and suffering on a national scale, but apparently it is the only collateral they can get. The irony is, if Greece agrees to deliver more collateral – maybe we should call it collateral damage – they don’t really get any money. It just passes through Greece straight to the banks.