Guest
07-26-2011, 02:02 PM
Does this story, assembled from excerpts from news reports over the last few days describing the current situation in Greece, sound at all familiar? It was like looking in a mirror to me...except for the riots. How much longer will we wait for those? Remember the town hall meetings about ObamaCare and the civil unrest in Madison, WI?
George Papandreou, the Socialist prime minister of Greece finds himself telling Greeks they must accept toil, sweat and tears in the form of tax increases and spending cuts to avoid national bankruptcy. That message has helped spawn violent street protests throughout the country.
Antonis Samaras, head of Greece's conservative opposition and an extroverted conservative with a history of nationalist rhetoric, insists the international bailout plan is ruining Greece. He says radical tax cuts will spur growth. His proposal has not been met favorably by the two organizations which will be key in Greece's bailout. It's "unrealistic," say the finance ministers of the European Union and the International Monetary Fund, who would be major players in funding Greece's bailout plan.
The showdown between the two men could take place as early as this fall if Mr. Samaras gets his way and new elections are called. A political fight could thwart the EU and IMF and put Greece's planned austerity policies in doubt. But one thing is certain, Greece cannot afford to fund its government for very much longer.
Greece has a shot at revival after the expected default on their government debt, provided the country can achieve even more painful fiscal austerity than has been proposed thus far. That, however, depends on political stability in Athens—and on the outcome of the fall election between Messrs. Papandreou and Samaras. If Mr. Papandreou's slim hold on Parliament fails, the whole bailout plan could fall apart. In that instance, the riots in Athens could become far worse.
George Papandreou, the Socialist prime minister of Greece finds himself telling Greeks they must accept toil, sweat and tears in the form of tax increases and spending cuts to avoid national bankruptcy. That message has helped spawn violent street protests throughout the country.
Antonis Samaras, head of Greece's conservative opposition and an extroverted conservative with a history of nationalist rhetoric, insists the international bailout plan is ruining Greece. He says radical tax cuts will spur growth. His proposal has not been met favorably by the two organizations which will be key in Greece's bailout. It's "unrealistic," say the finance ministers of the European Union and the International Monetary Fund, who would be major players in funding Greece's bailout plan.
The showdown between the two men could take place as early as this fall if Mr. Samaras gets his way and new elections are called. A political fight could thwart the EU and IMF and put Greece's planned austerity policies in doubt. But one thing is certain, Greece cannot afford to fund its government for very much longer.
Greece has a shot at revival after the expected default on their government debt, provided the country can achieve even more painful fiscal austerity than has been proposed thus far. That, however, depends on political stability in Athens—and on the outcome of the fall election between Messrs. Papandreou and Samaras. If Mr. Papandreou's slim hold on Parliament fails, the whole bailout plan could fall apart. In that instance, the riots in Athens could become far worse.