Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: RJA_ who wrote (73235)	4/16/2010 12:09:07 PM
From: Haim R. Branisteanu	1 Recommendation of 74559

Greece - a government of IDIOTS and shills (what where they thinking - extorting the other EU member for their wasteful ways? - plain shameful bastards) The IMF may demand Greece cut pension payments and spending on civil servants as a condition of the loan, according to Giada Giani, an economist at Citigroup Inc. in London. The measures may spark unrest in Athens where union members occupied the Finance Ministry last month in protest over spending cuts already adopted by the government. ‘Important Step’ The Athens meeting “is an important step as it links the availability of external financing to Greece implementing a set of structural reforms,” Giani said yesterday in a research note. “These probably will go well beyond the tightening measures that Greece has put in place up to now, which may help to reduce the deficit for 2010 but do little to tackle Greece’s long-term solvency issues.” The austerity measures “will hurt, but think what would have happened with bankruptcy,” Papandreou told the Greek parliament today. Two-thirds of Greeks disapprove of the way the government is handling the crisis, according to a nationwide Public Issue poll for Skai media group released today. The country’s biggest union pledged “dynamic” resistance to any cuts in pensions. bloomberg.com Papandreou has said he will seek to raise the retirement age and the government is preparing other changes to trim spending in the country’s pension system, considered one of the EU’s most generous. Greece’s biggest union warned today that it will call more strikes if the government proceeds with the pension overhaul. (let them starve they deserve it!!)

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