Greece Bailout Boycott by Claudia Sonea

The economic crisis did manage to make victims and is far from being over in some countries. One of the worst hit countries was Greece that had at the end of 2009 the second highest budget deficit after Ireland and the second highest debt. Thus, the high government deficits and debt levels threw Greeks in a massive economic crisis. How did one of the fastest growing countries in the eurozone got to being forced to ask for bailout funds? First of all, the government was so corrupted and flawed that it paid banks like Goldman Sachs to hide the real level of borrowing. Then in 2008 the economic crisis affected the country's largest industries: tourism and shipping.! In order to get back on track, the Greek government had to ask for a bailout deal from the European Union and IMF (International Monetary Fund). However, the bailout plan would impose austere measures which include cuts to public sector wages, an increase in taxes, radical pension reform (ex:a limit of 800 Euros to the 13th and 14th month pension instalment), a raise in the retirement age for parts of the public sector, etc. IMF together with representatives of the European Union approved on Thursday the 110 billion bailout package with an interest for the Eurozone loans of 5%. Nonetheless, while the decision of giving the loan was taken, Greece was under siege by a huge wave of strikes, protests, demonstrations. Just to prove that the rich and powerful can get away with the worst crimes, while the rest have the pay for the broken plates. Whether, the civil unrest will appease in the beautiful country that many chose as summer gateway is yet to be seen. In! the meantime, the best thing is to look for another country t! o spend your holiday. Stay connected, more to come…

related story (sgx17218): http://www.france24.com/en/20100506-papandreou-rallies-parli...

by Claudia Sonea for Cantell TV (http://cantell.tv)

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