How long until it happens here ? Riots in Athens

[Lumi]

Riots in Athens as thousands protest against cutbacks



Masked youths stoned police outside Greece's parliament today in protest at cutbacks proposed to try to end the country's debt crisis.

Riot police responded with tear gas and baton charges as more than 7,000 demonstrators gathered in the centre of Athens. They arrested six demonstrators, while onlookers said two officers were badly beaten.

Bitter: riot police restrain a protester amid violence outside Greece's parliament


Protesters attacked the leader of Greece's biggest trade union and chased guards away from the country's tomb of the unknown soldier. Youths also fought with police inside the Council of State and tried to break into the labour ministry.
Inside parliament, politicians were debating the ?4.8 billion (?4.33 billion) austerity bill, which is expected to pass despite strong opposition. It will raise consumer taxes and slash public sector workers' pay by up to 8%.
The GSEE and the ADEDY unions held strikes against the measures, while hospitals, schools and public transport were closed. GSEE head Yiannis Panagopoulos fought with rioters before being led away bloodied and with torn clothes.

Prime minister George Papandreou was in Luxembourg today holding talks with Jean-Claude Juncker, head of the eurozone finance ministers group. He was also to meet German chancellor Angela Merkel in Berlin as he seeks EU leaders' support.
Mrs Merkel said she expected ?interesting? talks with Mr Papandreou, saying Greece's successful bond issue this week ?gives us optimism?.
Greece's centre-Left government says it is seeking ?16 billion (?14.45 billion) in savings this yea, to reduce a bloated budget deficit of ?30 billion (?27.1 billion) that is over four times the EU limit as a percentage of annual output.

 

[Skulnik]

There shouldn't be any UNIONS in government.

JMO.

 

[Lumi]

EU wants answers on Wall Street role in Greek debt

EU wants answers on Wall Street role in Greek debt

EU wants answers on Wall Street role in Greek debt

ANDREW WILLIS
15.02.2010 @ 14:03 CET
EUOBSERVER / BRUSSELS - The European Commission has said it is seeking answers following allegations that Wall Street investment banks helped Greece hide the extent of its debt.
"Eurostat [the EU's statistics agency] has, following these reports, already requested from the Greek authorities an explanation by the end of February," said EU economy spokesman Amadeu Altafaj Tardio at a news conference in Brussels on Monday (15 February).

Over the last decade, Wall Street banks facilitated Greek government efforts to skirt European debt limits, reported the New York Times over the weekend. One deal created by Goldman Sachs helped obscure billions in debt from officials in Brussels, the paper alleges.
Goldman executives approached Greece as recently as last November with complicated financial instruments to push debt from the country's health care system far into the future, it continues, adding that similar arrangements have been struck in the past.
Athens says it did not purse the latest Goldman proposal.
Complicated currency swaps are at the eye of the latest storm. The commission said the swaps are a legitimate government management tool provided "they are calculated from observed market rates."
"This is something that we will have to assess based on the information we will receive," said Mr Tardio.
"There was an excessive deficit procedure methodological visit to Greece in 2008 and at the time Eurostat did not receive information about such transactions," he said.
The commission is to come forward shortly with a proposal to give Eurostat auditing powers, with the latest allegations emphasizing the need for greater scrutiny, said Mr Tardio.