Greek government wins vote of confidence

[denem]

Source: Washington Post

Greek prime minister George Papandreou on Tuesday won a critical vote of confidence in the national parliament, helping pave the way for $17 billion in emergency loans needed to keep his beleaguered country solvent.

Papandreou’s governing socialist party holds a slim 155-seat majority in the 300-member assembly, and public anger has been mounting over the country’s ongoing recession and the deep cuts to social programs demanded by the International Monetary Fund and other European countries as a condition of the emergency loans.

But following a cabinet reshuffle last week — and with the Greek government otherwise facing an imminent financing crisis and possible default on its bond payments — Papandreou prevailed even as thousands of protesters booed in a square outside.

“We must follow this course to save the country,” said finance minister Evangelos Venizelos, addressing lawmakers ahead of the vote, according to wire reports. “Distrust” that the country won’t follow through on promised reforms “is something we have to change.”

Read more: http://www.washingtonpost.com/business/economy/greek-government-wins-key-vote/2011/06/21/AGJ71qeH_story.html

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Chalk one more up for the banksters. With official unemployment already at 16%, driving a nation into depression is THE way to get their money back. 'Hoovering' - verb, transitive.

[xchrom]

1. Sad. Nt

[DCBob]

2. The Greeks will get the bailout... the alternative is too ugly.

[denem]

5. The elite already have their revenue out of Greece.

the majority lose as per usual.

[girl gone mad]

11. The alternative is unavoidable, actually.

And a bit less ugly than a life of serfdom.

[DCBob]

15. "serfdom" for a few Greeks versus potential global economic collapse.

you do the math.

[girl gone mad]

16. Now you're just being hyperbolic.

Debts that can't be paid back won't be paid back.

Given a choice between voiding a few contracts or ruining the lives of millions, I say tear up the contracts.

[fascisthunter]

18. that's because YOU have a conscience

some people really don't.

[customerserviceguy]

14. The alternative is indeed ugly

for all of us.

[PoliticAverse]

3. "helping pave the way for $17 billion in emergency loans needed to keep the lending banks solvent".

Fixed the Washington Post story.

[bluestateguy]

4. The markets will like that tomorrow

I think.

[girl gone mad]

12. Already selling the news.

They buy the rumor.

[Imajika]

6. Looks like the protesters and unions are going to lose again...

This was a key test and the socialist party held together. The austerity measures look on track to pass.

I'm sure we will probably be in the same place next year as these "austerity" measures appear to be snuffing the life out of the Greek economy.

Overall, organized labor seems to be taking a massive beating just about everywhere - in state after state in the US, in France they couldn't stop raising the retirement age despite massive strikes, in Greece they can't stop these draconian "austerity" measures and I see no evidence they will be able to stop the Tory/Lib Dem "austerity" measures in the UK either.

[fascisthunter]

7. there may have to be an all out war against the upper classes

they caused it... and now they benefit from it. People will become more desperate and soon the real culprits will be undeniably evident. Really fucking insane...

[Imajika]

8. I keep hearing that...

But right now it does not look like most Greeks or anyone else have the stomach for it. Despite all the protests and union actions, austerity is going to continue in Greece. I do not see where protesters and unions have been successful at really stopping this "austerity" stuff anywhere. As this is technically a socialist government, when it is finally thrown out of power I am guessing a more conservative party will end up taking over - and while they will re-brand "austerity" as something kinder and gentler, it will still be essentially the same thing. So far as I can tell, workers are pretty plainly not particularly unified.

[Fool Count]

9. Papandreou's austerity promises to the EU are only as

good as his and PASOK's ability to stay in power in the face of popular outrage, which will only get worse when he starts to
actually implement those measures. Which is to say that EU bankers probably shouldn't count too much on the austerity
plan staying in effect for too long, nor on getting their money back. The bankers are not stupid, they must understand
all that, yet they still get on with it. I guess, they figured that returning at least those $17 billion to their investor buddies
is better than nothing. That's $17 billion taken from the EU taxpayers who are forced to underwrite this whole charade.

[unkachuck]

10. "...pave the way for $17 billion in emergency loans..."

....from the pockets of German taxpayers to the wall street banks and casinos....hey, how do I get in on this racket?

[Unvanguard]

13. The alternative to the governing party is likely worse. n/t

[Javaman]

17. A vote of confidence from whom?

certainly not from the Greek people.