Eurozone Formally Approves Second Greek Bailout

Source: PressTV

Eurozone countries have finally approved the second 130 billion euro financing package for Greece, which would save the country from going bankrupt in the short run.

"Euro area member states have today formally approved the second adjustment program for Greece," Luxembourg Prime Minister and the chairman of the eurozone finance ministers, Jean-Claude Juncker said in a statement on Wednesday.

Juncker said that the European Financial Stability Facility (EFSF) has been authorized by eurozone governments to release a "first installment" of 39.4 billion euros to Greece under the scheme, to be disbursed in several tranches.

Junker described the financial aid as "a unique opportunity for Greece that should not be missed," and said that a "strong commitment" from Athens to "fiscal consolidation, structural reforms and privatization" was required to return the Greek economy "to a sustainable path, which is in the interest of everyone."

In order to receive the bailout fund, which is funded mostly by eurozone countries and the International Monetary Fund, Greece had to adopt harsh austerity measures including massive cuts to its private and public sector wages, pensions, health and defense spending.

Greece has the highest debt burden in proportion to the size of its economy in the 17-nation eurozone. Despite austerity cuts and the bailout funds, the country has been in recession since 2009.

Greece’s first bailout, which was approved by Eurozone finance ministers on May 2, 2010, was worth 110 billion euros (147 billion dollars).

Despite numerous austerity cuts implemented by the government and bailout funds provided by international lenders, which are aimed at stimulating growth, Greek economy has continued to contract and is not expected to show expansion until 2013.

Greek Police Union Wants to Arrest EU and IMF Officials

Source: Reuters / Montreal Gazette

ATHENS, Feb 10 (Reuters) - Greece's largest police union has threatened to issue arrest warrants for officials from the country's European Union and International Monetary Fund lenders for demanding deeply unpopular austerity measures.

In a letter obtained by Reuters on Friday, the Federation of Greek Police accused the officials of "...blackmail, covertly abolishing or eroding democracy and national sovereignty" and said one target of its warrants would be the IMF's top official for Greece, Poul Thomsen.

The threat is largely symbolic since legal experts say a judge must first authorize such warrants, but it shows the depth of anger against foreign lenders who have demanded drastic wage and pension cuts in exchange for funds to keep Greece afloat.

"Since you are continuing this destructive policy, we warn you that you cannot make us fight against our brothers. We refuse to stand against our parents, our brothers, our children or any citizen who protests and demands a change of policy," said the union, which represents more than two-thirds of Greek policemen.

"We warn you that as legal representatives of Greek policemen, we will issue arrest warrants for a series of legal violations ... such as blackmail, covertly abolishing or eroding democracy and national sovereignty."

The letter was also addressed to the European Central Bank's mission chief in Greece, Klaus Masuch, and the former European Commission chief inspector for Greece, Servaas Deroose.

Empire, Power and People with Andrew Gavin Marshall - Episode 5

Source: Boiling Frogs Post
Andrew Gavin Marshall

Fiscal Austerity or Social Genocide?

 

In light of the current global economic crisis, there is a question that should be asked and discussed in regards to what our leaders are telling us is required to solve the crisis: what is fiscal austerity? We are told that “fiscal austerity” measures are required to create economic growth and prosperity, that there will be pain for a while, but it’s all for the ‘greater good’ of the economy. This episode breaks down these measures into what the specific policies of “austerity” are, what justifications are given for each one, and what the actual effect upon the population each measure has. Through this analysis, it becomes clear that when we are told, “fiscal austerity”, we should hear, “social genocide.”

Europe Anti-Austerity Rallies Turn Ugly

Source: PressTV

Police forces have clashed with anti-austerity protesters in Spain, Greece, and Romania, arresting several activists and injuring many others.

During the latest such protests in Spain, police scuffled with demonstrators in the capital Madrid on Sunday, detaining three people and wounding several others.

Scuffles broke out when 'indignant' Spaniards gathered at a Madrid subway station to protest against rises in the cost of public transportation. Dozens of protesters entered the station and refused to pay, shouting slogans such as “I don't pay for your crisis.”

In the Greek capital Athens, riot police attacked around 2,000 demonstrators protesting against job cuts outside parliament, before detaining three and injuring one.

The demonstrators say Athens has failed to decrease its debt, despite massive lay-offs. Last year, the Greek government cut 10,000 jobs and announced plans for further lay-offs in 2012.

Clashes between riot police and demonstrators have also erupted in the Romanian capital Bucharest for a third day in a row.

At least seven people, including a number of police officers, were injured in the confrontations.

The demonstrators chanted slogans against President Traian Basescu, whom they blame for the country's falling living standards, and called on him to step down.

The demonstrations originally started on Thursday in a show of support for Deputy Health Minister Raed Arafat, who resigned earlier in the week, and as a protest against a pension freeze and a 25 percent cut in public sector wages approved by Romania's center-right government in July 2010.

Arafat, a doctor born in Palestine, had harshly criticized a draft healthcare reform bill and entered a dispute with the president, who is a main supporter of the potential law.

ECB Riots Begin in Italy as Globalist "Super Mario" Forces Austerity

Source: Infowars
Kurt Nimmo

On his first day in office, the bankster prime minister of Italy, Mario Monti, told Italians they can expect to be rolled by the ECB banksters.


“Super Mario” promises to impoverish average Italians.

As we noted last week, Monti is a super globalist. He is a Trilateralist, Bilderberger, and former bankster (Intesa Sanpaolo). His job is to bring IMF-style austerity to the people of Italy now that Silvio Berlusconi has made way. 

Super Mario managed to rally the Italian parliament and get a vote of confidence as he unveiled his “reform” program. He warned ordinary Italians they can expect more pain through “deficit-reduction measures” and other “correctives.” 

In other words, parliament under the rule of a seasoned globalist and bankster will force the Italian people to pay off a debt they did not want and do not owe. 

Specifically: Italy will introduce a raft of new taxes and introduce “incentives” for free traders looking to buy up Italy’s public infrastructure for pennies on the dollar. It will also cut Italy’s socialist public sector where shovel-leaning jobs are the norm. 

But forget the chortling approval for austerity you hear coming out of the corporate media. In fact, as blogger J. Brad Hicks notes, the whole thing is a scam, as usual:

Deutsche Bank and other German banks loaned huge sums of money to Greece and Italy, knowing for a fact that at least half of the loaned money was being stolen by wealthy personal friends and business partners of government officials, and not caring, because they knew that the ECB would enforce “austerity,” would demand that people who didn’t benefit from those loans, not the wealthy people who did, pay them back by the enforced looting of those countries of every asset. There will be riots; there may well even be civil war, but Deutsche Bank will be repaid and those countries’ infrastructure and archaeological treasures and other resources will end up in the hands of the banksters and their friends for pennies on the dollar, extracted at gunpoint by the Greek and Italian armies with whatever “stabilization” help they need from NATO – as a matter of sacred principle.

Meanwhile, in Europe, the IMF Riot has morphed into the ECB Riot.



“Milan police in riot gear wielded clubs as they scuffled with egg-throwing students who tried unsuccessfully to march to Bocconi University, which educates Italy’s business elite. Monti is Bocconi’s president,” reports Businessweek.

In the Sicilian capital of Palermo, demonstrators hurled eggs and smoke bombs at a bank, and protesters threw rocks at police who battled back with pepper spray, the Italian news agency ANSA reported. One protester was injured. Police charged demonstrators who were trying to occupy another bank. Jobless youths joined students in the protests.

In Rome, hundreds of students protested outside Sapienza University, while others assembled near the main train station. No clashes were reported, but some protesters hurled eggs and oranges just blocks from the Senate.

New World Next Week - 10/20/11

Welcome back to http://NewWorldNextWeek.com – the video series from Corbett Report and Media Monarchy that covers some of the most important developments in alternative news and open source intelligence. This week: