Papandreou Races to Avert Greek Default as Protests Besiege Austerity Vote

 

Live Stream Greece Protest - Greek TV Video Feed

 

Greek Prime Minister George Papandreou’s bid to avert the euro region’s first sovereign default will culminate today with a budget vote in a Parliament besieged by protesters amid a wave of national strikes.

Papandreou may scrape through approval by quelling dissent from the 155 votes he commands in the 300-seat legislature and recruiting opposition allies to deliver a 78 billion-euro ($112 billion) austerity package that will determine if his indebted nation can receive further rescue funds. Rallying lawmakers might be easier than enacting the plan as Greek discontent deepens on higher taxes and so-called “crisis wage levies.”

“The odds favor the government and a parliamentary approval,” said Wolfango Piccoli, an analyst at Eurasia Group in London. “But this will be a Pyrrhic victory and an early election later this year or early 2012 is almost certain. It is difficult to see how the current government can implement the required measures to meet the bailout conditionalities.”

Greece’s legislature remains the focus of protests that yesterday clogged Athens’ city center with more than 20,000 people in the first half of a 48-hour general strike. Thirty- seven police were injured and clouds of tear gas filled the air as hooded youths wielding clubs smashed windows at a McDonald’s Corp. (MCD) restaurant and burned vehicles.
Protest Standoff

Hundreds of people reassembled today in front of Parliament, adding to a group that has camped outside the building and tried to block access to prevent the vote from taking place. Riot officers used more tear gas in a standoff on one of the main avenues leading to the city center. Nine people were injured in today’s violence, the health ministry said in a text message.

The final debate has begun as planned and the vote is scheduled for 2 p.m. Papandreou has called on lawmakers to “do their patriotic duty” and pass the austerity bill. That, and a successful vote tomorrow to authorize implementation of the plan, would enable Finance Minister Evangelos Venizelos to appear at a meeting of finance ministers this weekend.

The premier has struggled to muster opposition backing for the package while keeping his own in party in line. He appointed a new finance minister to stem defections, survived a confidence vote and outlined 5.6 billion euros of additional budget measures, including a 5 percent levy on lawmakers’ wages. On June 24, he won a pledge for a second bailout from European Union leaders on condition he can deliver domestic support.
Vote Abstention

In a move that may aid Papandreou, the Democratic Alliance, a group led by former foreign minister Dora Bakoyannis, said yesterday that its five members in Parliament should vote “according to their conscience” taking into account “the immediate danger of bankruptcy facing the country.” Bakoyannis said today that she will abstain in the vote.

Thomas Robopoulos, one of two lawmakers in Papandreou’s party who had threatened to oppose the government bill, today withdrew his objections and said he will vote in favor.

Failure to pass the two bills may lead to the euro area’s first sovereign default as Greece needs to cover 6.6 billion euros ($9.4 billion) of maturing bonds in August. Greek government officials have said they may also not have cash to pay wages and pensions by mid-July.

As Papandreou races to clinch agreement, German finance ministry officials will meet with banks and insurers in Berlin today. They will use a French proposal as a blueprint for discussion to seek an agreement on their role in a Greek rescue, two people with knowledge of the matter said.

more
http://www.bloomberg.com/news/2011-06-28/papandreou-races-to-avert-...

Views: 67

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

cheeki kea commented on cheeki kea's photo
Thumbnail

$ Paid Annual Leave $

"Now is the Time for American Workers to Unite! Take back the squandered taxes and demand time off…"
yesterday
cheeki kea posted a photo
yesterday
Burbia commented on Burbia's blog post Mystery illness strikes Russia with fever, blood symptoms, and no cure in sight.
yesterday
Burbia posted a blog post

Mystery illness strikes Russia with fever, blood symptoms, and no cure in sight.

I guess releasing this bio-weapon upon Israeli neighbors would be hitting too close to home. I…See More
yesterday
tjdavis posted videos
yesterday
tjdavis posted a video

The Electric State | Final Trailer | Netflix

Together, robots & humans can take the whole system down. THE ELECTRIC STATE starring Millie Bobby Brown, Chris Pratt and directed by the Russo Brothers, onl...
Sunday
Less Prone favorited Sandy's video
Saturday
Doc Vega's 7 blog posts were featured
Saturday
tjdavis's blog post was featured
Saturday
Sandy posted a video

"Mommy Tells Me I'm a Girl"-Jeff Younger

Soft White Underbelly interview and portrait of Jeff Younger, a father who is fighting to protect his son from transitioning into a girl. Get 40% off access ...
Saturday
tjdavis posted a video

MindWar: Full Spectrum Cognitive Dominance [Michael Aquino Analysis]

This is my analysis and my thoughts on Michael Aquino's "MindWar". This document is a must-read if you are looking to understand the psyop tactics and cognit...
Saturday
Doc Vega posted a blog post

A Horrid Murder at Land Between the Lakes (Sasquatch?)

 Most of us hear that Sasquatch-Bigfoot are intelligent yet reclusive creatures that are closely…See More
Friday
Doc Vega posted blog posts
Thursday
cheeki kea commented on cheeki kea's video
Thumbnail

Metropolis (1927) Full Movie | 4K Color Remastered: 2023 Colorized with Gottfried Huppertz Score

"Hey thanks for the thumbs up guys. I was blown away (like a leaf in a tornado) when I watched this…"
Thursday
tjdavis favorited cheeki kea's video
Thursday
tjdavis posted a video

Did you know this? I was SHOCKED!

Wounder how many people know what they do to baby chicks? Wounder if they know what the are doing to Salmon? What about the lettuce and tomatoes? This will n...
Thursday
cheeki kea posted a photo
Thursday
Less Prone posted a video

Pine Tree Riots - We'll Have Our Home Again

NOW ON SPOTIFY (and everywhere else)!https://open.spotify.com/album/1gWcRqHD7TSbAA2UzYOLWlEvery people deserves a Homeland.Sung by no one in particular.Origi...
Mar 25
Less Prone favorited cheeki kea's video
Mar 24
cheeki kea posted a video

Metropolis (1927) Full Movie | 4K Color Remastered: 2023 Colorized with Gottfried Huppertz Score

🎉🎬 AT LAST❗❗ Metropolis is the FIRST film we colorized using our newly developed AI colorization software, and we are proud to bring it to you now with the...
Mar 24

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted