Greece: if austerity doesn't work... Try more austerity! | 287 comments (287 topical, editorial, 0 hidden)

Re: Greece: if austerity doesn't work... (4.00 / 6)

Some developments: The Indignants in Syntagma are to meet with the strikers that will march to Syntagma tomorrow. Together they will surround the Parliament and hope to block MPs from entering the building, as the discussion on the draconian medium-term programme. This has the police trying to figure out ways to allow entry to the Parliament...

In the mean time the government has suffered a double blow: One MP (a historical member of the old guard) has declared his independence and stated that he will vote against the programme. Another PASOK MP although still in the party, stated that he can't agree to the total privatization of the Electric Company (DEI), something expected since he is an MP from Kozani, DEI's national center and major power house.

Thus PASOK has at the moment 154 willing MPs (they need 151), and the strain against the remaining MPS is immense: all over Greece citizens file complaints and threaten their MPs in many tones. The fact that ~2 million Greeks have hit the street in disapproval (and are expected to reach new heights tomorrow and the day the programme will be voted in Parliament) also weighs heavily. At this point it's an open question whether the ECB programme will be approved by parliament, and summer elections (a rarity, historically) seem not improbable

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Tue Jun 14th, 2011 at 02:29:58 PM EST

Re: Greece: if austerity doesn't work... (4.00 / 2)

Meanwhile, the TINA forces are beating their drums louder, too (see Bundesbank boss op-ed mentioned upthread), just to keep the pressure on the parliamentarians balanced...

_{*Lunatic*, n.

One whose delusions are out of fashion.}

by DoDo on Tue Jun 14th, 2011 at 03:24:30 PM EST
[ Parent ]

Re: Greece: if austerity doesn't work... (4.00 / 3)

But really, what could they do? Do they have everything under control as they say? Would they cut off the "aid"? what would happen if Greece goes to elections with the prospect of an ECB defeat, especially if the left (which using considerable laxity in its definition, was estimated this Sunday at 26%, with 40% non-voting) was seen to be potentially more than an annoying detail? Would they risk blowing up the eurozone edifice? Are they really ready to handle the domino effect? And could an out of control Eurozone member (with all that might imply for EU safety) be tolerated?

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Tue Jun 14th, 2011 at 04:45:02 PM EST
[ Parent ]

Re: Greece: if austerity doesn't work... (4.00 / 2)

Would they cut off the "aid"?

That's exactly what the Bundesbank boss was suggesting (albeit in veiled form). But, I think the question is not whether the threats are credible, but whether Greek parliamentarians are capable of thinking the "unthinkable".

_{*Lunatic*, n.

One whose delusions are out of fashion.}

by DoDo on Wed Jun 15th, 2011 at 03:02:52 AM EST
[ Parent ]

Re: Greece: if austerity doesn't work... (4.00 / 2)

Greece goes to elections with the prospect of an ECB defeat

To paraphrase askod's sig line:

A vote for PES is a vote for the ECB! A vote for EPP is a vote for the ECB! Support the ECB, vote EPP-PES in 2011!

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Wed Jun 15th, 2011 at 03:53:46 AM EST
[ Parent ]

Re: Greece: if austerity doesn't work... (none / 1)

Together they will surround the Parliament and hope to block MPs from entering the building, as the discussion on the draconian medium-term programme.

Now the role of the tunnel becomes clear! :-) (Sorry, couldn't resist. And even a bit of comic relief seems very needed here. The tension must be unbearable. It almost is for me, hoping for a default, not just for the Greek people but for all of us.)

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Jun 14th, 2011 at 09:00:12 PM EST
[ Parent ]

Re: Greece: if austerity doesn't work... (none / 1)

Go Greece! Save us all!

by cagatacos on Wed Jun 15th, 2011 at 02:28:16 AM EST
[ Parent ]

Re: Greece: if austerity doesn't work... (none / 0)

I heard two more MPs rebelled, that leaves 152, one more than majority, if I got this right. I also heard the government considers getting the support of independent MPs who broke off the conservatives. What's the situation now?

_{*Lunatic*, n.

One whose delusions are out of fashion.}

by DoDo on Thu Jun 16th, 2011 at 01:44:55 AM EST
[ Parent ]

Greece: if austerity doesn't work... Try more austerity! | 287 comments (287 topical, 0 editorial, 0 hidden)

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