Greece Passes 2012 Budget

By -
06 December 2011

(ATHENS, Greece) – The interim Greek government passed a series of unpopular tax hikes and spending cuts to complete its 2012 budget. The package is a signal that Greece is attempting to sort out its finances. Prime Minister Lucas Papademos believes the budget will create the conditions necessary for recovery. Conservative leader Antonis Samaras, however, vows to ease the tax burden if elected prime minister in February. The New Democracy party lost control in 2008. If Antonis Samaras comes to power in 2012, he will likely lead a coalition government. New Democracy is unlikely to have a majority in parliament.

Comment – The economic turmoil in Greece is far from over. No political party is currently in position to have a clear majority in the government. This is likely to cause many debates and political maneuvering. If Greece is to continue receiving aid from the European Union, it will have to hit budget benchmarks. So far it has been unable to do so.

Source:
http://www.reuters.com/article/2011/12/06/us-greece-idUSTRE7B52Q520111206

Reliability: 9

Comments

Post a Comment

Popular posts from this blog

Human Rights Court Favors Venezuela Opposition Leader

By -
Image
5 October 2011 Leopoldo Lopez talks to media outlets. Dow Jones Newswires (CARACAS) – The Inter-American Court of Human Rights ( IACHR ) ruled in favor of opposition politician Leopoldo Lopez on 17 September, allowing him to run in Venezuela ’s upcoming 2012 presidential elections. Venezuelan officials barred Lopez from seeking public office in 2005 through 2014 under allegations of mishandling public funds and corruption. Supporters of Lopez argue the charges are a ploy to prevent him and other opposition politicians from running for office. General elections are slated for 7 October 2012 amid questions regarding President Hugo Chavez’s health. Source: http://online.wsj.com/article/BT-CO-20110916-712977.html (Reliability: 9) Comment: Despite the IACHR’s ruling in favor of Lopez, Venezuelan officials under President Chavez have ignored the court’s rulings in the past and banned presidential hopefuls from running for office. Lopez is emerging as one of the top con...
Read more

Turkey Breaks With Assad

By -
Image
Turkey surprised international observers when it supported rebels in recent uprising in Syria. Turkey is harboring insurgents and political opponents of the Assad's regime as it readies unilateral sanctions against Syria . This signals in shift in supporting the various democratic Arab awakenings throughout the Middle East. Turkey’s chasm with Syria reaffirms its commitment to NATO , who had began to question Turkeys role in the alliance. In the face of the Arab Spring , Turkey is reassess its place in the new realities of the Middle East . Turkey had sought to ought new open new markets  and expand its influence in the region through a policy of non-confrontation with its neighbors. It disavowed democratic preconditions with economic partners like Syria and Iran in the past and this caused friction with NATO. Source :http://www.csmonitor.com/Commentary/Opinion/2011/1103/Turkey-s-bold-about-face-on-Syria Reliability (9) Comments: Turkey’s break from its policy of “zero prob...
Read more

Belarus asks Russia and Iran for loans

By -
Image
4 October 2011 In Minsk, Belarus, the government is in close terms with Iran for a $400 million loan to help its economic crisis. Officials from President Alexander Lukashenko’s office stated that in the other hand Russia might lend the country from its state-controlled bank up to $1 billion backed up by shares from the Naftan oil refinery. The International Monetary Fund (IMF) will visit the country for progress on its reforms that may justify the $7 billion loan. According to officials from the IMF, the Belarusian ruble has lost three-fifths of its value against the dollar and its foreign reserves have fallen deeply putting the economy in crisis. If negotiations with the IMF fail, Minsk might turn back to Moscow, for which they have sought to access Belarusian assets such as the potash miner company Belaruskali . If this fertilizer company merges with Russia’s OAO Uralkali , it will create the largest potash company in the world. Belarus has become a more isolated state due to its c...
Read more