Wednesday, June 22, 2011

Greece approves austerity measures

Greek Prime Minister George Papandreou

Source: Press TV

Despite weeks of protests against the government's austerity measures, the Greek cabinet has approved a new austerity budget plan to help ease its massive public debt.

The 2012-2015 austerity budget plan has been a key requirement from the EU and International Monetary Fund (IMF) to release the next tranche of debt funding worth 12 billion euros ($17 billion), part of a 110-billion-euro rescue package agreed on last year.

The new plan that was approved on Wednesday, is worth some EUR 28 billion and includes a privatization program aimed at raising EUR 50 billion and further budget cuts as well as tax increases.

Greece has a debt of over EUR 300 billion, which is worth more than 150 percent of its annual economic output. Moreover, the Greek Prime Minister George Papandreou had earlier this week warned that if the austerity measures were not be implemented, the country could face a “catastrophic” default.

Therefore, Greek officials had urged the EU and the IMF to hand over the bailout package before mid-July, otherwise the country would default.

There has been concerns that if Greece would default, Spain, Italy and Belgium could follow. This could then threaten the whole world.

"If there were a failure to resolve that situation, it would pose threats to the European financial systems, the global financial system and to European political unity," US Federal Reserve chief Ben Bernanke said on Wednesday, referring to the Greek debt crisis.

Unions in Greece, however, have planned a 48-hour strike to protest government's new measures

The country has witnessed massive anti-government protests which turned violent at times and left scores of protesters and security forces injured since last year when it was first bailed out by the EU and the IMF.

No comments:

Post a Comment

I'll be right with you.

Russia Today (Live)

World News 2017

Current Affairs - Important Interviews – 2017

Debate – Global Issues 2017

Important Information 2016 - 2017

South Front Military Review 2017

Syria - News 2017

Yemen News 2017

Turkey News 2017

Ukraine News 2016 - 2017

Palestine & Israeli Crime 2017

Iraq News 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Abby Martin – Empire Files

US News 2017

Iran News 2016 - 2017

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Sheik Imran Hosein - Islamic Eschatology

George Galloway – Comment & Opinion

The Words and Actions of Ken O'Keefe

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)