Global Security Studies Practicum

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. ...

11 November 2011 Lucas Papademos (ATHENS, Greece) -- Former European Central Bank vice-president, Lucas Papademos , will lead a coalition government in an attempt to secure the nation’s economy. The government will attempt to push through reforms to avoid a default in December. Papademos’s term is likely to only last until February when new elections are expected. He will likely have to balance demands of the leading political parties including the conservatives who wish to cut taxes to rebuild the economy. Many European heads of state have expressed their congratulations to Papademos. They have also stated they hope the new government is able to approve the bailout package to ensure the country stays in the Eurozone . Comment – On 17 November, the next loan tranche for Greece is due to be released. Instead of having one party in control with opposition, there is now a coalition government that must please several interests. To secure the funds, Greece would have to...