Greece: [Six] Cabinet walkouts deepen crisis

Athens News ^ | 2/10/2012

[bruinbirdman]

The coalition government has been thrown into crisis after six cabinet members quit over renewed European demands for more economic austerity.

Laos four ministers - Transport Minister Makis Voridis, Alternate Defence Minister Georgios Georgiou, Deputy Shipping Minister Adonis Georgiadis and Deputy Rural Development and Food Minister Asterios Rondulis - announced their resignations after party leader Yiorgos Karatzaferis said he would vote against the new austerity measures, that cuts deep into the minimum wage and other private sector pay.

Deputy Foreign Minister Mariliza Xenoyiannakopoulou, a Pasok MP, also resigned her post on Friday.

"They are trying to impose measures that will make the recession worse and drive the country to despair," she said in a letter, adding that she would vote against the measures in parliament.

Papademos was left to face the backlash, after eurozone finance ministers on Thursday said Greece needed to make stronger commitments before they signed off on a 130bn euro bailout deal.

At least 20 Pasok MPs have said they would vote against the austerity measures late on Sunday.

The Pasok revolt is being led by officials with close ties to the trade unions, which began a 24-hour strike on Friday and are planning mass weekend protest rallies to parliament.

Clashes at Friday's rally left 10 people injured and six arrested, police said.

[SatinDoll]

In other words, let someone else make the sacrifice.

[Jonty30]

Unfortunately, every country has about this level of leadership.

[ken5050]

The ship ( Greece) is sinking, and the people in the water ( the Greeks) are REFUSING the life preservers being tossed to them because they don’t like the color...

[exnavy]

The creme of the socialist crop.

[LibLieSlayer]

It is coming like a runaway freight train... whistle screaming... but we are all going to see and feel a train wreck one of these days... and it will knock the world economy off of the tracks.

LLS

[Prospero]

These politicians are backing into the right course. The debt the Western "democracies" have assumed. including the United States, is beyond what can ever be fully paid back. The austerity programs are not the proper course, though you can be certain that those of them being driven by the vested interests of government employees and retirees are unwilling to follow through and take the haircuts dues the banks. Austerity is just another name for continuing to pay on the interest. The real austerity, a short term hard depression and shake out, is better than a never-ending crisis. Of course, that better course leaves about half the central government's employees "redundant," the foreign bond holders shaved and penniless, and results in real pain (but mostly discomfort and embarrassment).

The "two wolves and a chicken voting on what's for supper" kind of democracy is facing a nasty crisis, the kind that could really hurt the ratings for "Jersey Shore."

[Former Proud Canadian]

Not every country. Look north, my friend.

[Redmen4ever]

>it’s all Greek to me
http://www.libertarianrepublican.net/2012/02/marilena-xenoyiannokopoulouaratzaferisp.html

[MrEdd]

With the death and destruction the immanent European war will entail, its economic and cultural underpinnings will be ignored.

That way Europe can rebuild in such a way as to repeat things sixty or eighty years later.

[VRW Conspirator]

In other words, let someone else make the sacrifice.

Bingo! Unfortunately, this lack of intestinal fortitude has infected Wash DC with the help of the MSM. When the Repubs take control of the Senate again along with the House, we will see an volumous flow of narratives that the Repubs want to throw grandma out into the street, starve children, dis-enfranchise minorities and kill little baby harp seals with a big stick. They will cave, er, compromise on anything that looks like austerity.

[Fee]

Greeks do have an alternative to bailout, it is call bankruptcy. EU/US banks do not want that because they used leveraging to buy the bonds, and worst used leveraging to buy derivatives on the bonds to cover possible losses. Thus the losses on the surface will be multiplied by a factor of 20x plus. EU banks will implode, US banks claim they have minimal exposure to Greek bonds, but they never stated their exposure to derivatives which are sold in an exchange that is secretive. Fed Reserve has an idea but the public has no idea which US bank has how many derivatives and leveraged hedges on Greek bonds.
Bankruptcy is short term pain, but the bottom is reached immediately, and Greeks will be able to start rebuilding. EU bailout is nothing but a series of dramas and demands that will cause instability and chaos. Iceland declared bankruptcy and her economy reset and on the mends as she prints her own currency.

[blueunicorn6]

“And drive the country to despair” - Lady, you socialists drove this country to ruin with your ignorant policies. Socialists are always blaming someone else for the awful results of their stupid policies.
“Uhhhh....the sun was in my eyes......the refs were against us......the Germans were mean to us.......the Americans did something, I’m not sure what, but when you start blaming other people for your problems, you’ve got to be sure to throw the Americans in there.....”

[jpsb]

Agreed the government needs to fall, Greece needs to get out of the Euro zone and default on it’s debt. Then after a few hard years maybe Greece can get a functional society going again. I am pretty sure all of the above will happen in short order.

[LibLieSlayer]

Looks like a train wreck coming and no brakes.

LLS

[LibLieSlayer]

Their biggest problem... General Marshall is bankrupt... no help rebuilding this time... we will have burned out cities to rebuild ourselves.

LLS

[SunkenCiv]

Thanks bruinbirdman, additional.

• Greece's grim choice: deep budget cuts or default
• Riots spread as Greek lawmakers OK austerity bill
• EU: Germany's Carthaginian terms for Greece
• Greek lawmakers approve austerity bill as Athens burns
• Athens buildings burn as lawmakers weigh austerity
• Clashes erupt as Greek Parliament debates austerity measures
• Greece: Default would lead to 'chaos'
• Greece: [Six] Cabinet walkouts deepen crisis