New euro ‘empire’ plot by Brussels
The plan comes as European governments desperately trying to save the euro from collapse last night faced a new bombshell, with sources at the International Monetary Fund saying it would not pay for a second Greek bail-out.
It was also disclosed last night that British businesses are turning their back on Brussels regulations to give temporary workers full employment rights, with supermarket chain Tesco leading the charge.
Greece: Athens braced for ‘mother of all strikes’
Greek unions have promised to flood Athens with protesters in the biggest demonstrations the capital has so far seen, as politicians prepared for Thursday’s vote on potentially make-or-break reforms demanded by the EU and IMF in return for further cash aid.
As one Greek daily warned of “the mother of all strikes” and the country appeared to edge closer to chaos with rubbish piling up in the street and ministers locked out of their offices, 5,000 riot police were rushed to the capital in preparation for the protests.
“All of Athens will be flooded with protestors. These will be the biggest protests that Greece has ever seen,” said Ilias Illiopoulos, who heads the union of public sector employees, Adedy.
“The ability of the people to tolerate policies that have only yielded poverty and despair has come to an end.”
Amid mounting anger over cuts that have pared back wages, pensions and workers’ rights and sent taxes and inflation soaring, unions representing more than half Greece’s 5 million workers said they would forge ahead with a 48-hour general strike beginning Wednesday. (via The Guardian)
Image by erjkprunczyk via Flickr
G20 finance chiefs crank up pressure on euro zone.
Published on Oct 15, 2011 by Euronews
http://www.euronews.net/ The world’s leading economies are keeping up the heat on Europe to sort out its debt crisis, at a G20 finance chiefs’ meeting in Paris.
A draft communique contains what is described as “unusually direct language” in calling for more work to protect the world economy.
France and Germany have promised a plan to prevent contagion and shore up Europe’s banks.
Leading emerging market economies, known as the BRICS, are said to back a plan to boost the IMF.
Europe cannot afford any more mistakes
Recapitalising the banks, as called for now by Angela Merkel, is a good step. But avoiding the errors that have been made from the very beginning of the crisis and fostering European growth backed by Germany would be better, writes La Vanguardia.
The first mistake, as prominent European leaders have recognised, was to admit Greece into the euro after it falsified its public accounts to get in. The second error of the EU, with Germany at the helm, was not to clear up its financial books swiftly. As Greece accounts for only two percent of European GDP, that would have been relatively easy and would have kept Greece’s public debt crisis from spilling over into much of the eurozone.
The third error – also stamped Made in Germany – was insisting on forcing through fiscal adjustment in Greece without any European investment plan to bolster the country’s growth, which has brought in its train economic asphyxiation and a suspension of the country’s debt payments. What would have been merely a manageable problem, comparable to those that face small U.S. federal states, has in consequence blown up into a new economic and financial crisis that could have a global reach, as President Obama himself has admitted. (via Presseurop)
Uploaded by EUXTV on Oct 3, 2011
The Greek finance minister, Evangelos Venizelos, told journalists at his arrival in Luxembourg for the Euro group meeting that Greece shouldn’t be “the scapegoat” of the euro area or the international economy.
Uploaded by liarpoliticians on Sep 25, 2011
The International Money Fraudsters (aka IMF) are saying they will be backing basket case countries in the Eurozone, and the UK has a large stake in the IMF funds, so we will be paying for European frauds.
Recorded from BBC Weekend Breakfast, 25 September 2011.
Uploaded by PigMine3 on Sep 16, 2011
September 16, 2011 - Greeks were fuming on Thursday at a surprise property tax which could exempt the church, while the rest of the country is being urged to make “costly” sacrifices to secure EU-IMF rescue loans. Reactions in Athens.
Greece to unveil retrenchment plan.
Uploaded by AlJazeeraEnglish on Oct 2, 2011
Greece is expected to unveil its plan to begin laying off state workers, the most contentious part of a reform package demanded by the EU and IMF to free up loans and stave off bankruptcy.
Without the release of a $14bn tranche of an EU bailout, massively indebted Greece could run out of money to pay state wage bills within weeks.
Al Jazeera speaks to Vanessa Rossi, the economic adviser to Oxford Analytica, ahead of the meeting.
Former Mexican president Zedillo calls for single-tariff trade system at IMF/WB summit
By MARIANA CRISTANCHO-AHN
Channel: International Politics
Countries around the world have been creating regional trading blocs in search of increasing the benefits of international commerce. But the outcome of some of those regional agreements has not been as mutually beneficial as expected and there are experts who are even questioning their existence.
“In my ideal world, all these regional agreements, sooner rather than later, should disappear,” said former Mexican President Ernesto Zedillo at a panel about the future of trade policy during the International Monetary Fund (IMF) and World Bank (WB) meetings in Washington D.C on Saturday. “In that system you don’t need NAFTA, you don’t need MERCOSUR, you don’t need all these great things that are proliferating all over the world.”
The NAFTA (North America Free Trade Agreement), which created a trilateral trade bloc in North America, was signed by Canada, Mexico, and the United States in 1994. The economic and political agreement among Argentina, Brazil, Paraguay and Uruguay known as MERCOSUR (Mercado Común del Sur) was launched in 1991.
Get out of the euro and get your economy moving - Paul Nuttall
Uploaded by UKIPmeps on Sep 20, 2011
Paul Nuttall, UKIP (North West), Europe of Freedom and Democracy (EFD) group in the European Parliament.
From RT: http://rt.com/news/imf-recession-us-eurozone-983/
British MEP Paul Nuttall believes the whole crisis has to do with politics and not with economics. The sooner these countries come out and go back to their own currencies, the better.
“The euro was never going to work in the first place,” he told RT. “It was always about politics, it was never about economics. The idea that you could have Italy and Greece in the same economic bloc, shall we say, or the same currency as Germany is complete nonsense.”
“At the moment Greece is becoming more of a protectorate — a protectorate for the European Central Bank, the IMF. The Greeks aren’t controlling their own economy anymore,” he went on.
“Thank God, the UK is not in the euro. If you think we are in the bad position now, imagine the situation we would be if we were in the euro. Greece is in dire straits, Italy is on the slippery slope, the forecast coming out of Spain is pretty bad as well. The whole thing is going to end in tears.”
Greece considers euro referendum, report says - Euro crisis update.
Uploaded by EUXTV on Sep 20, 2011
Greek Prime Minister George Papandreou is considering calling for a referendum on membership of the euro zone.
The EKatimirini newspaper in Athens reports today, Tuesday, that Papandreou hopes that the outcome of such a vote would constitute a fresh mandate for his Socialist government.
That mandate is needed to continue with an austerity drive that’s pressed for by the organisations that are lending money to Greece to - the European Commission, the European Central Bank and the International Monetary Fund.
The paper said that a bill has been submitted in Parliament that paves the way for a referendum to be carried out.
According to its sources, Kathimerini reports that many of Papandreou’s close aides had already proposed the idea of a referendum to the prime minister earlier this summer.
Since then, pressure has mounted on the government from all sides.
International community and its creditors are pushing Greece for quicker and more effective reforms.
But citizens are not at all happy with these cuts and even members of PASOK’s political council objecting to plans to slash the public sector.
Meanwhile, Reuters is reporting out of Greece that there are not concrete plans for a referendum on the euro. The spokesman did admit however that a bill was proposed on Monday to hold referenda, but that this bill only was to make referenda possible.
To be continued…
I’m Raymond Frenken for EUX.TV in Brussels
Full story on eKathimerini.com