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The Greek government has secured the votes necessary to pass the austerity bill, paving the way...

The Greek government has secured the votes necessary to pass the austerity bill, paving the way for the next EU/IMF bailout, reports CNBC.
Comments (32)
  • golden1234
    , contributor
    Comments (31) | Send Message
     
    Just default and take your medicine, kick the can is no way to run a country.
    12 Feb 2012, 05:54 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4058) | Send Message
     
    Is this package now good enough for the EU ministers?
    12 Feb 2012, 05:54 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3529) | Send Message
     
    Ah, such political theatre. But didn't we already know how this act of the play was supposed to end?
    12 Feb 2012, 05:58 PM Reply Like
  • Financial Insights
    , contributor
    Comments (945) | Send Message
     
    News will be sold.
    12 Feb 2012, 06:01 PM Reply Like
  • Barry Crocker
    , contributor
    Comments (441) | Send Message
     
    Wow !!

     

    I thought for sure it wasn't going to pass : )

     

    Futures and Risk Currencies are raising a pint in the direction of Athens as we type.

     

    Bottoms Up !!
    12 Feb 2012, 06:05 PM Reply Like
  • Matthew Davis
    , contributor
    Comments (3670) | Send Message
     
    The next act of the Greek Tradgety.
    12 Feb 2012, 06:13 PM Reply Like
  • SA reader
    , contributor
    Comments (176) | Send Message
     
    Greeks have no intent on actually making the cuts they "pledged" to do. They'll all be thrown out next elections anyway and anti-EU people will be elected. Just kicking the can down to April. This week we'll find out that some of Europe has already "officially" entered a recession, although we all know they are already in a deep one.
    12 Feb 2012, 06:21 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4058) | Send Message
     
    And some of Europe have exited the recession. Germany and France for example. Your verdict on the anti-Euro people being elected etc. has to be seen. I do not think so - just because they show protests and riots of some people doesn't mean there is an alternative.
    12 Feb 2012, 06:24 PM Reply Like
  • David Urban
    , contributor
    Comments (1036) | Send Message
     
    When you cut the minimum wage by 20% and immediately lay off thousands of Greek workers it will be hard for them to vote pro-EU.

     

    Now is when it really gets fun. Does the government stall on promised elections?

     

    The riots will continue and the Greeks will need another $10 billion next quarter.
    12 Feb 2012, 06:53 PM Reply Like
  • mitrado
    , contributor
    Comments (1948) | Send Message
     
    Sure David... but are votes even being counted!?
    I suspect democracy in Europe is no different than Saddam Hussein's democracy: everybody complains... but when the elections come, at least 75% of the voters vote on the same two parties.
    This makes no sense... or can it be that people are really that stupid!?
    12 Feb 2012, 07:35 PM Reply Like
  • bob adamson
    , contributor
    Comments (4555) | Send Message
     
    David -

     

    In the negotiations in 2011 amongst the Greek political parties leading to the formation of the three party coalition government (now reduced over the past week to a two party coalition) , it was the New Democracy Party (a centre-right party and Official Opposition which had formed the government prior to the 2009 elections and, arguably, bares a large share of responsibility for the current Greek mess because of its mismanagement while in office prior to that election) and the Popular Orthodox Rally (a populist-nationalist party), both of which thought they would gain seats in Parliament in an early election, that favoured a Spring election. The PASOK Party (a centrist-social-democrat party that formed the government after the 2009 election and bore the most odium amongst the electorate for the current Greek domestic depression and economic insecurity), naturally favoured delaying elections as did the new non-party Prime Minister who wanted time to institute reform, secure support from the EU, ECB and IMF for Greece and generally stabilize Greece's situation.

     

    With the New democracy Party now, like PASOK, seriously split and deeply unpopular (and given the demands of the EU, ECB and IMF for stability and implementation of the austerity plan). is there not a good chance that PASOK and ND will together now choose to prolong the term of the current Parliament rather than face the electorate in two months time?

     

    Current
    12 Feb 2012, 10:35 PM Reply Like
  • David Urban
    , contributor
    Comments (1036) | Send Message
     
    I think that is a very real possibility but what happens if the riots continue and the people continue to pressure the government for early elections?

     

    Given the current state of affairs it is unlikely that everything will quiet down.

     

    My biggest fear is that in these situations a far left or right party has a greater chance of winning the election because the current leaders are fractured and weak.

     

    Is it likely that a pro-EU party will win? No. In fact it is quite the opposite which is why the EU made the Greeks agree to uphold the deal no matter what happens in the election.
    13 Feb 2012, 12:54 AM Reply Like
  • bob adamson
    , contributor
    Comments (4555) | Send Message
     
    David -

     

    Let's start by agreeing that most of those directly involved in the governance of Greece in recent years have made a hash of an admittedly difficult situation and that this gives opportunists and extremists an opportunity (that normal circumstances would deny them) to try to gain control of the agenda. The saving grace is that opportunists and extremists of this ilk almost always overplay their hand such that the electorate, while perhaps initially attracted to them in anger, recoils in sufficient numbers before election day given half decent alternative choices.

     

    Obviously events will evolve rapidly and it would not be wise to assume that the recent serge in Greek support for fringe parties will not ebb equally quickly.
    13 Feb 2012, 03:05 AM Reply Like
  • David Urban
    , contributor
    Comments (1036) | Send Message
     
    I think for the anti-Germany/Euro support to ebb there will have to be an increase in economic growth and a feeling that people's lives are getting better.

     

    Given what I have seen from the Greek's over the past two years failing to meet previous bailouts, the continuation of corruption in the tax authority (40-40-20 plans), and a poor business climate I have no confidence in their ability to hold this agreement over the long term.

     

    In fact, the Troika found an additional $15 billion dollar hole in the budget during this recent trip.
    13 Feb 2012, 03:38 AM Reply Like
  • mitrado
    , contributor
    Comments (1948) | Send Message
     
    "Is it likely that a pro-EU party will win? No." - David Urban

     

    Keep dreaming. The mainstream parties will win, once again... as always and forever, in this rigged democracy.
    13 Feb 2012, 05:13 AM Reply Like
  • SA reader
    , contributor
    Comments (176) | Send Message
     
    France is just now entering, as French GDP reports will show this week. Get your facts straight.
    12 Feb 2012, 06:28 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4058) | Send Message
     
    will show this week........good you can predict the future.
    12 Feb 2012, 07:00 PM Reply Like
  • Insurance Bull
    , contributor
    Comments (357) | Send Message
     
    I wish I knew what to expect from a nation's GDP report before it gets published. I'd find a way to profit from that ability...

     

    I wonder if "anti-EU" leaders are elected if the EU will even care if Greece wants to leave the union...
    12 Feb 2012, 07:24 PM Reply Like
  • Stoploss
    , contributor
    Comments (1727) | Send Message
     
    Watch fuel demand and prices.

     

    Low demand and high prices court bears.

     

    High demand and low prices court bulls.

     

    Demand down 27% 3 months running. I will skip the price percentage since it is a mirror.

     

    All you need to know in one indicator.
    12 Feb 2012, 07:31 PM Reply Like
  • mitrado
    , contributor
    Comments (1948) | Send Message
     
    Where are those "anti-EU" leaders!? I see none being elected, not this year, not in 5 years... Democracy is probably rigged so that one of the 2 mainstream parties always win.
    12 Feb 2012, 07:37 PM Reply Like
  • SA reader
    , contributor
    Comments (176) | Send Message
     
    Umm, concensus is well below 0% Even the most optimistic are predicting negative GDP for France. Again, do some research before you type.
    12 Feb 2012, 08:36 PM Reply Like
  • Stoploss
    , contributor
    Comments (1727) | Send Message
     
    SA retards on patrol today eh?

     

    That's ok, i know im getting to ya when you do that.

     

    Weaklings..
    12 Feb 2012, 06:32 PM Reply Like
  • Eighthman
    , contributor
    Comments (212) | Send Message
     
    Mitrado, you got it. You mean to tell me that nobody in Greece has made the case for an Argentina or Iceland default? Nobody opposes the EU? In Greece or anywhere, except for a few renegade British Tories?
    12 Feb 2012, 07:50 PM Reply Like
  • mitrado
    , contributor
    Comments (1948) | Send Message
     
    I don't know that about Greece, Eighthman... I'm not there to see.

     

    I can talk about my country, Portugal, which is on the same path as Greece and everywhere I go, I hear people complaining about the government.
    Yes, there are a few people here referring to the cases of Argentina & Iceland, but they are not politicians. They are common citizens who've read about it on the Internet.
    Also, the media doesn't speak about those countries at all.

     

    People complain, saying these politicians should be kicked out... but we had elections last June and the results were:
    81% of the voters chose, once again, the very same 3 parties that have controlled the system since 1974.

     

    Only 19% of the voters were against these corrupted people.
    This means the majority of the population is simply too ignorant...
    ... or that the system is rigged.
    12 Feb 2012, 08:21 PM Reply Like
  • Good Captain
    , contributor
    Comments (454) | Send Message
     
    Your press sounds about as useful as ours Mitrado.
    12 Feb 2012, 08:26 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2481) | Send Message
     
    The common currency makes a Argentinian or Icelandic default much more complicated, since not only would Greece default, but they'd have to convert out of euros into dracmas. That would lead to a massive outflow of capital, and food and fuel shortages, as the country's currency would likely not be accepted by everyone right away. All this of course assumes Greece has the ability (either owns or has access) to printing presses to actually create dracmas again. Greece needs to modernize their economy, open up industry, loosen the grip the unions have on the country, devise an effective way to collect taxes, and not burn down Athens every month. It seems the people there are as flawed as the system.
    12 Feb 2012, 08:31 PM Reply Like
  • mitrado
    , contributor
    Comments (1948) | Send Message
     
    Mike, how in the world would that happen!?

     

    If people in Greece or in Portugal even suspected that plan was in motion, they would start taking their money out of the banks ... and the only way to stop that was for the banks to freeze the accounts of everyone while the process unfolded.

     

    When we joined the Euro, they simply converted our money to €... but the reverse would be chaotic, since that would imply everyone taking a big loss on their accounts. People would just transfer it all to Switzerland or something like that. At least, I would.

     

    In fact, ever since the Euro Zone started to be in doubt... I have split my account... and now I have about 35% allocated in $, just in case.
    12 Feb 2012, 08:43 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3529) | Send Message
     
    Press has reported massive outflows of Euros from Greece for the last month.
    12 Feb 2012, 11:25 PM Reply Like
  • redwoodhouse
    , contributor
    Comments (8) | Send Message
     
    If Greece and other broke countries go down the austerity path then who is going to buy the German exports to Germany growing???
    12 Feb 2012, 08:01 PM Reply Like
  • Stoploss
    , contributor
    Comments (1727) | Send Message
     
    The Greeks are welcoming the austerity by burning down all the banks they can find.

     

    BULLISCHE..
    12 Feb 2012, 08:49 PM Reply Like
  • coddy0
    , contributor
    Comments (1182) | Send Message
     
    Stoploss
    The Greeks are welcoming the austerity by burning down all the banks they can find.
    ======================...
    It makes a lot of sense
    Good attraction for tourists
    Those who moved their assets out of country deserved to feel happy
    13 Feb 2012, 12:22 AM Reply Like
  • Inzaghi009
    , contributor
    Comments (25) | Send Message
     
    Is this 100% meaning that they will get the $130B or are there more twists to come???
    13 Feb 2012, 03:39 AM Reply Like
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