ATHENSâGreece's parliament approved a new property-tax law in a closely watched vote Tuesday, taking a key step in the country's efforts to secure further aid from its international creditors and avoid default. The measure was approved with 155 votes in favor and 142 votes against, narrowly surpassing the 151-vote majority required for passage in the Greek body. Three lawmakers abstained. The vote was a crucial test for the Socialist government's ability to enact fresh austerity measures in coming weeks and meet budget goals for 2011 and 2012 in the face of rising internal party resistance. The controversial measures seek to slash pensions and public-sector wages, sparking fears of an open revolt within the ruling party with some lawmakers already calling internally for a coalition government or even snap elections. Public opposition to the austerity moves continued Tuesday, as subway and bus drivers walked off the job, creating massive traffic jams in Athens for a second consecutive day. Tax collectors and customs officials also joined protest action with a 48-hour strike opposing salary cuts. http://online.wsj.com/article/SB100...3934650.html?mod=WSJEurope_hpp_LEFTTopStories
Why do people bother posting non-sense articles about Greece being 'saved'? Ever wonder why 1y bonds are trading at 130%? A default in one way or another is a done deal. Apparently some idiot media journalists have trouble understanding that.
Greece/Europe's problem... Bottom Line. 1. Too many government workers which are paid too much and given too much in the way of taxpayer guaranteed benefits. 2. Too many parasitic tit-suckers 3. Not enough "private sector economy". Until these are brought into balance, whatever funds or guarantees they get merely kicks the can. As soon as they burn through whatever new funds they get, it will be the same all over again.... except WORSE. The debt level will have risen. BTW... same problem we face in the USA. Here's hoping the German Parliament gives it "thumbs down" when they vote tomorrow.
Just like their US counterparts German politicians have vested interests with their banks and industry. Voting down Greece would mean frying Commerzbank, Deutsche Bank, Allianz and probably the German Landesbankens, which incidentally are used as a 'retirement home' for senior German politicians. The thought that without their beloved Landesbanks there won't be a 750k ⬠banking director job waiting for them must be terrifying.
"BTW... same problem we face in the USA." that is a given. when interest rates rise because market forces overwhelm fed manipulation the shit will hit the fan in the US.
its really scary when politicians most who are not financial analysts my guess, just want to get involved in the markets, but markets can go down that is normal, in the process putting the whole country's credit and finances at risk, literally betting the farm
The problem in Greece, sadly, isn't the lack of willingness on behalf of the govt. It's the unwillingness of the citizens and institutions to obey the laws adopted by their democratically elected govt. So the govt can pass whatever it likes, it's the implementation/enforcement that's an issue.
Too true. Good luck with collecting that tax but assume they do, how much will go towards paying for the tax to be collected, salaries, expenses, future pension payments of all those government pen pushers. I'd therefore hazzard a guess that from every E1million collected only 20% max would be net, if that.