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Greece Teetering On Collapse As More Austerity Measures Approved

Greece Teetering On Collapse As More Austerity Measures Approved
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The Greek Parliament (Vouli) has approved yet another package of austerity measures on top of the one they voted on in July, with 154 MPs voting yes and 144 voting no. On the one hand, the Vouli had no choice but to pass the measures, which include yet more cuts to salaries and pensions and more taxes, if Greece is to continue to receive bailout funds from the International Monetary Fund and the European Union. European leaders are meeting on Sunday to approve the next 11 billion euro installment of aid, part of a 150 billion euro bailout approved last year.

On the other hand, Greeks, weary with vast corruption pervading every aspect of life, are making it clear that they are near the breaking point, if not already there. Veteran MP Vasso Papandreou (who is not related to Greek Prime Minister George Papandreou) warned that “Enough is enough, society is despairing, the country is collapsing” and said that it was the last time he would vote on such measures.

Greece’s debt is 360 billion euros, totaling 150 percent of the country’s GDP and 5 times that of Argentina which defaulted on $95 billion of debt in 2001. Many have been saying that this is simply more than the country will ever be able to pay off. Both the suicide and the crime rate have risen in Greece while the average household income has fallen by 50 percent; unemployment is at 16 percent and higher for those in their 20′s. Greece’s economy is set to contract in 2012 for a fourth year in a row and analysts predict Greece’s debt burden could rise to 190 percent of its GDP by next year. Fears are mounting that European leaders’ efforts to save the euro is pulling Europe apart, rather than uniting its 500 million citizens.

Massive Protests in Athens and Throughout Greece

Outside the building where the Vouli was meeting, an estimated 80,000 to 100,000 people protested; some had attempted to prevent MPs from entering the building to vote. Lines of police in riot gear — with helmets, shields and gas marks — faced them, as they had the day before, during the first day of a general strike. On Thursday, a 53–year-old construction worker, a member of a trade union, died after having a heart attack, according to a Greek deputy minister. More than 40 people were injured on Wednesday. The crowds of protesters have been by and large peaceful, but some 200 to 300 individuals have clashed and fought with police, using chunks of concrete and marble and setting fire to garbage piles and to a booth on Syntagma Square, where two soldiers usually keep ceremonial watch over the Tomb of the Unknown Soldier.

The soldiers wear traditional Greek uniforms (like this) and, in the ceremonial changing of the guard, march in elaborate, slow steps, before standing at attention before the tomb. It is quite something to see their ritualized movements. I have seen them do so a number of times for the past three years, when I visited Greece with groups of students from my college.

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Photo taken in Athens, where garbage collectors have been on strike for over two weeks, in October 2011 by jerandsar

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44 comments

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1:24PM PDT on Oct 31, 2011

To Jack C.

The previous Greek government [which ran up the debt......check it out] was Right Wing/Republican/Conservative.....just like Bush, Berlusconi, Blair [left wing but VERY right wing policies] just like the vast majority of the western world.........which is all in the SHITE! How do you explain that?????????
Please tell me which Socialist governments were in office since 2000.........when all this began to go sooo wrong.
I think you will have to realise the problem is with Right Wing monetarist, market forces policies & de-regulation of Financial Services........which are not the normal policies of Socialist governments!

Wise up................

7:38PM PDT on Oct 23, 2011

Much of the financial problems in the modern world has to do with absolute entitlement amounts, not relative entitlement amounts. For example, I get $NNN0 every month from Social Security. If the cost of living should go up, then I would get a cost of living (COL) raise. That has been set aside for the duration of the recession. Both the COL and the setting it aside are examples of relative entitlement amounts. This is a good thing. But what if the GDP should drop by 10%. A relative change would be for me to get 10% less. But many entitlements are just absolute, dollar figures, and people start rioting if their dollar amounts go down. The entitlement should be as flexible as the economy is changeable. I hope that I made myself clear.

6:36PM PDT on Oct 23, 2011

The Greece economy is crashing under the weight of too many government workers, existing in a Controlled Socialist state. All the European Socialist states will fall. Obama wants the USA to become similiar to the European Socialist State. Obama, destroying America, one day at a time.

4:04PM PDT on Oct 23, 2011

Austerity measures...you do the math!

3:31AM PDT on Oct 22, 2011

The Greeks have my deepest sympathy. It is a tragedy of epic proportions!

3:22AM PDT on Oct 22, 2011

This is insane. No one cares about the people... all we ever hear is the euro must be saved... at what cost?
I fear that we, in Portugal, are taking a look ahead at what is certainly going to happen to us in a year, maybe two, or maybe even less. This is totally irresponsible, it's criminal.

12:37AM PDT on Oct 22, 2011

Interesting.

9:03PM PDT on Oct 21, 2011

Mike C - the elephant in the room is 2 things that are taking Greece down hard, neither of which is the "nanny state" to which you refer:

1) Tax evasion (according to the Wall Street Journal); and

2) Corruption.

Nobody pays their proper taxes, and if you work as a tax collector, you are expected to take bribes and only collect a little taxes. If you start doing your job too well and collecting a lot of taxes you will be relegated to a backroom desk job.

These are not "nanny state" issues. These are issues of corruption, of both the government and the citizens.

Greece, while the birthplace of democracy, has in more recent times only been a democracy for less than 50 years, going thru bitter civil war after WWII and having been a dictatorship prior. The people still have a great deal of suspicion about the government - (hence the tax evasion) - and it may be quite merited in many cases (the bribes and corruption).

8:50PM PDT on Oct 21, 2011

I'm sorry to say that it's a question of when, not if, Greece defaults.

7:24PM PDT on Oct 21, 2011

I think that it should be against the law to post comments when your spelling is atrocious.

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