Global Security Studies Practicum

Vasso Papandreou has vowed to vote against future austerity measures. 20 October 2011 The Greek Parliament approved austerity measures that will very likely ensure they receive an €8billion loan tranche from the European Union and International Monetary Fund . The bill was approved 154 to 144. The narrow margin reflects the predicament of the Greek government. Lenders are demanding cuts to the country’s budget and the public is resisting. Members of the ruling party, PASOK , are also beginning to resist new measures. Vasso Papandreou said, “I will vote in favor, but this is the last time -- I am struggling with my conscience.” The measures passed as workers continue to strike, shutting down many facilities. Reuters reports that unions vow continued stoppages. Banks, schools, and government buildings closed on Thursday. Hospitals ran on limited staff. Comment – Over 100,000 protesters took to the streets on Wednesday in Athens to oppose the new government measures...

State Workers Strike in Athens 11 October 2011 ATHENS ,  GREECE  – Beginning today, Greek petroleum workers will strike indefinitely. The strike is in response to the government’s plan to cut the workforce and reduce wages. The Panhellenic Federation of Employees in Petroleum Products and Refineries stated it would strike for as long as necessary. The union believes the government wants to dissolve unions. The petroleum union joins other unions on strike as a response to budget measures. Comment –  The union responses are a result of austerity measures undertaken by the Greek government. The government must cut state spending to secure the next loan tranche from the EU, International Monetary Fund and European Central Bank ( troika ). Inspectors from the troika recently finished examining the Greek books. Troika representatives expect the November loan payment to occur, but has not been officially announced.  Greece  is already having trouble r...

Greek Prime Minister George Papandreou 2 October 2011 ATHENS, GREECE – Forecasts predict Greece will miss deficit targets for 2011. Inspectors from the International Monetary Fund , EU and European Central Bank ( troika ) are examining the country’s books. The troika is deciding whether to approve another needed loan installment. Without the money, Greece could run out of cash within a month. The shortfall means that tax hikes and wage cuts have not been enough to ease the country’s financial problems. The inspectors are likely to approve the next loan installment. The troika’s forecasts for 2012-2014 could mean deeper losses for banks holding Greek debt. Those banks have already written off 21 percent of the value of debt they hold. Source: Greece to miss deficit targets despite austerity http://www.reuters.com/article/2011/10/03/us-greece-idUSTRE7900SU20111003 Reliability: 9