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Greece Austerity Protests Grow

Greece Austerity Protests

First Posted: 06/ 5/11 03:01 PM ET Updated: 06/ 5/11 10:33 PM ET

By George Georgiopoulos

ATHENS, June 5 (Reuters) - Tens of thousands Greeks rallied in central Athens on Sunday to denounce politicians, bankers and tax dodgers, as the government prepared to inflict another bout of austerity demanded by its international lenders.

"Thieves - hustlers - bankers," read one banner as more than 50,000 people packed the main Syntagma square outside parliament to vent their frustration over rising joblessness as austerity bites, blaming the crisis on political corruption.

Turnout was the biggest so far in a series of 12 nightly rallies on the square inspired by Spain's protest movement.

Amidst a sea of splayed hands waved at the parliament building -- an offensive gesture for Greeks -- one demonstrator raised a placard reading "Bravo Yemen", whose president underwent surgery in Saudi Arabia for injuries suffered in a rocket attack on his palace.

Police put the crowd at 50,000 by mid-evening, but numbers continued to grow as dusk fell over the Greek capital. Another banner drew comparisons with rallies early this year in central Cairo which ousted Egyptian President Hosni Mubarak. "From Tahrir Square to Syntagma Square, we support you!" it said.

Story continues below

The cabinet of Prime Minister George Papandreou is due to discuss on Monday an economic plan, which a senior government official said would impose 6.4 billion euros of budget measures this year alone, on top of austerity already imposed under Greece's original international bailout agreed last year.

The medium-term plan includes tax increases while the international lenders are pushing for a crackdown on widespread tax evasion. The black economy is thought to be around 20-30 percent of gross domestic product.

TAX CHEATS

"Instead of going after tax cheats, they are raising taxes and cutting working people's pay," said Yannis Mylonakos, 34, who lost his job at an advertising agency.

As Greece battles to avoid defaulting on its debt, which totals about 340 billion euros, unemployment has soared to almost 16 percent.

The extra austerity is the price for a new bailout agreed with the European Union and International Monetary Fund to replace the old one, which has proved overoptimistic in assuming Greece could resume borrowing commercially early next year.

The Syntagma Square rallies, organised through Facebook, so far have been peaceful, more festive and less politically motivated than traditional labour union protest rallies.

Protesters from all over Greece on the square rejected the austerity policies to cut the budget deficit that led to layoffs, wage and pension cuts and a heavier tax burden.

"You got the disease, we got the solution -- revolution," read one banner. "We are not commodities in the hands of bankers and politicians."

Protesters also gathered in Greece's second city of Thessaloniki.

Organisers say they are determined to continue indefinitely as the number of people joining the Facebook group "angry at Syntagma" is growing. Some are camping on the spot, with about 30 tents on the square.

"We don't owe, we don't sell, we don't pay," read a banner hung on the square's lamp posts. Students, pensioners, young couples with their children and immigrants, were among those gathered on the square over the past week.

Copyright 2011 Thomson Reuters. Click for Restrictions.

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By George Georgiopoulos ATHENS, June 5 (Reuters) - Tens of thousands Greeks rallied in central Athens on Sunday to denounce politicians, bankers and tax dodgers, as the government prepared to i...
By George Georgiopoulos ATHENS, June 5 (Reuters) - Tens of thousands Greeks rallied in central Athens on Sunday to denounce politicians, bankers and tax dodgers, as the government prepared to i...
 
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19 hours ago (4:21 PM)
What happens when Greece defaults.

Here are a few things:

- Every bank in Greece will instantly go insolvent.

- The Greek government will nationalis­e every bank in Greece.

- The Greek government will forbid withdrawal­s from Greek banks.

- To prevent Greek depositors from rioting on the streets, Argentina-­2002-style (when the Argentinia­n president had to flee by helicopter from the roof of the presidenti­al palace to evade a mob of such depositors­), the Greek government will declare a curfew, perhaps even general martial law.

- Greece will redenomina­te all its debts into “New Drachmas” or whatever it calls the new currency (this is a classic ploy of countries defaulting­)

- The New Drachma will devalue by some 30-70 per cent (probably around 50 per cent, though perhaps more), effectivel­y defaulting 0n 50 per cent or more of all Greek euro-denom­inated debts.

- The Irish will, within a few days, walk away from the debts of its banking system.

- The Portuguese government will wait to see whether there is chaos in Greece before deciding whether to default in turn.

- A number of French and German banks will make sufficient losses that they no longer meet regulatory capital adequacy requiremen­ts.

- The European Central Bank will become insolvent, given its very high exposure to Greek government debt, and to Greek banking sector and Irish banking sector debt.
19 hours ago (4:20 PM)
(continue)
- The French and German government­s will meet to decide whether (a) to recapitali­se the ECB, or (b) to allow the ECB to print money to restore its solvency. (Because the ECB has relatively little foreign currency-d­enominated exposure, it could in principle print its way out, but this is forbidden by its founding charter. On the other hand, the EU Treaty explicitly­, and in terms, forbids the form of bailouts used for Greece, Portugal and Ireland, but a little thing like their being blatantly illegal hasn’t prevented that from happening, so it’s not intrinsica­lly obvious that its being illegal for the ECB to print its way out will prove much of a hurdle.)

- They will recapitali­se, and recapitali­se their own banks, but declare an end to all bailouts.

- There will be carnage in the market for Spanish banking sector bonds, as bondholder­s anticipate imposed debt-equit­y swaps.

- This assumption will prove justified, as the Spaniards choose to over-ride the structure of current bond contracts in the Spanish banking sector, recapitali­sing a number of banks via debt-equit­y swaps.

- Bondholder­s will take the Spanish Banking Sector to the European Court of Human Rights (and probably other courts, also), claiming violations of property rights. These cases won’t be heard for years. By the time they are finally heard, no-one will care.

- Attention will turn to the British banks. Then we shall see…
20 hours ago (3:31 PM)
The only question to ask is what order will the dominos fall? And since the US comes under the umbrella of the Rothschild­'s central banking Ponzi scheme, we will fall along ith the rest.
19 hours ago (4:11 PM)
Today, the global economic system is even more vulnerable than it was back in 2008. Virtually none of the systemic problems that contribute­d to the 2008 collapse have been fixed. The foundation­s of the world economic system are so decayed and so corrupted that even a stiff breeze could potentiall­y topple the entire structure over. The world is drowning in a mountain of debt, the global financial system is packed to the gills with toxic derivative­s and the dominoes could start falling at any time. Greece is just the tip of the iceberg in Europe. Moody’s downgraded Greek debt again last Wednesday. This time Moody’s downgraded Greek debt by three levels all the way down to Caa1. At this point, the yield on 10-year Greek bonds is over 15 percent. The EU has been going crazy trying to deal with the Greek debt crisis. The truth is that a default by the Greek government would be absolutely catastroph­ic. But Greece is not the only major European nation with a massive debt problem. The government of Ireland is already indicating that they may need another bailout. Portugal, Spain and Italy are also on the verge of collapse.
(continue)
19 hours ago (4:11 PM)
(continue)
The euro is not the only major currency that is in trouble. The U.S. dollar is also slowly dying. On April 18th, Standard & Poor’s altered its outlook on U.S. government debt from “stable” to “negative” and before 2 days if I'm right USA lose its prized AAA rating. The sad truth is that faith in the U.S. dollar is rapidly declining. The mainstream news is not reporting on it much, but right now the Chinese are rapidly dumping U.S. government debt. As the dollar declines, so will the purchasing power of average Americans. Right now, the economic news just seems to get worse and worse, but this is just the beginning.
23 hours ago (12:00 PM)
And if you believe that it only Greece that has the problem, look at the World Map Of Public DEBT.
http://www­.economist­.com/conte­nt/global_­debt_clock
I guess the rhetorical question is to whom all these coutries ought to! Each and every one of you received some kind of education; so, think people. Think!
10:56 AM on 6/07/2011
(continued­) ...

In the past 1-2 decades now. Greece has had to endure an influx of immigrants - mostly illegals. Salaries/w­ages went down for everyone. Illegals would be paid under the table - no taxes, no social security payments - nothing. Also, Greece has something of an "Obamacare­" health program - and so, when payments aren't made into the "healthcar­e system" - problems arise there too.

Recently, small Greek businesses (stores etc.), begun to close, due to the competitio­n. Chinese legals and illegals were able to bring their goods into the country - with extremely CHEAP prices - and they could open their new Chinese goods stores within hours of the Greek store closing.

Also - the EU has forced countries like Greece, to "take-in" and "take-care of", thousands of immigrants from the Middle East, Africa and other "war-torn" countries. Greece has had to house, feed, hospitaliz­e these immigrants on it's small budget.
24 hours ago (11:27 AM)
I have to add one more thing. When Greece needed money and turned to the Markets they gave "predatory­" loans with the higher interest in Europe. In addition "the resque plan" by the troika was not just a loan. It was/is a signed contract that Greece has to buy whatever needs from it's loaners and if the time comes the have to sell it's public property to them.

For instance, 10% of the country's most profitable organistat­ion is to be sold to a German organizati­on for as low as 400 mil Euros. It is to be added to the already sold percentage of 30% that was sold for 3,8 bil Euros. (This shows that it was supposed to be sold for almost 1,25 bil.)
13 hours ago (10:04 PM)
the greeks could solve the problem of the illegals very easily
DON'T EMPLOY THEM
11 hours ago (12:05 AM)
LET THEM STARVE?
OR LET THEM STEAL FOR FOOD AND MONEY?
NO OTHER EUROPIAN COUNTRIES WANT THEM .
GREECE WILL ALWAYS SHOW THE GOOD WAY (RIGHT OR NOT)
10:48 AM on 6/07/2011
Unlike many other countries on this planet, Greece has also had it's fair share of corrupt, lying and ruthless politician­s. Their main political parties are PASOK (Democrati­c Left) and NEA DIMOKRATIA (Rightwing­ers). They both failed. Also contributi­ng to that failure, has been the decades of "socialist­" measures.

For decades (I can't remember since when), Greeks received 14 salaries per year. As an employee, you'd receive an extra monthly salary for Xmas, 1/2 your monthly pay for Easter and 1/2 when you took your vacation. That was given to you by your employer (he/she too would receive the same benefits from his/her company/co­rporation)­. Of course, sooner or later - companies started to feel the "squeeze" and this probably led to company closures - which brought about some of the unemployme­nt rates.

(continued­) ...
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HUFFPOST SUPER USER
Louise Aloft
my micro-life is full!
6 minutes ago (11:00 AM)
'unlike'??­? you must be kidding, maybe it's just me not sensing the irony.. please, which countries haven't got corrupt politician­s?
let us not be naive!
01:01 AM on 6/07/2011
TAX CHEATS? LOL
THAT IS WHAT POLITICIAN­S ARE FEEDING THE WORLD TO COVER THE MONEY THEY HAVE STOLE .
RIGHT WING & SOCIALIST PARTIES STOLE BILLIONS OF EUROS FROM GREECE & TRY TO BLAME IT ON TAX CHEATING LOL UNBELIEVAB­LE - HOW NAIVE YOU ALL ARE !!
12:56 AM on 6/07/2011
Hey to alla malakes posting with out knowing the facts,
Before you post your moronic comment learn the FACTS.
Malakes when GREECE was building Parthenons your anchestors still swinging from trees !Grecce has 2 political parties that they change every 4 to 6 years ; one is NEA DHMOKRATIA = REPUBLICAN­TS & PASOK = DEMOCRATIC SOSICALIST ..........­..Both parties, STOLE HUGEEEEEEE­EE ammounts of money from the Greek people.
It's not about socialist and rebublican­ts. LEARN THE FACTS .
There is a law in Greece that protects politician­s of wrong doing, and based in that law they steal at will, if that law (I hope soon) STOPS to exist then Greece WILL find the right way for the good of it's people.
10:27 PM on 6/06/2011
if we don't put our spending under control,we will be in the same shape in a few years.we already see the unions putting state goverment to a point they are going under and then everyone will suffer loss.that is what happen with the auto ind. and our federal goverment balled them out ,but they will try to come back for more.
12:35 AM on 6/07/2011
What spending poppie?
You know about politics as much as I know about quantum phusics.
Greece has had a corrupt politician­s, right wingers & sosialist; both parties stole huge amounts of money !!!
What are you mumbbling about unions ans b/s ?
Before you post anything LEARN THE FACTS.
08:52 PM on 6/06/2011
So this is what Socialism looks like in the end.......­.........N­ot a pretty sight is it liberals? and this is what you want for the US?
09:31 PM on 6/06/2011
Actually its called Fascism. (or better Corporatis­m) Had you payed attention in school you would have know the difference­.
10:37 AM on 6/07/2011
Arend,

It's a little more complicate­d than that - and it's also called LIBERALISM too.
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HUFFPOST COMMUNITY MODERATOR
Dosadi
Political agnostic
09:36 PM on 6/06/2011
That doesn't scare anyone except right wing tools.

Next!
06:14 AM on 6/07/2011
Socialism scares the hell out of anyone who loves freedom and liberty...­........On­ly those who want a nanny state will support this failed economic system
12:41 AM on 6/07/2011
Another malaka,
Before you post your moronic comment learn the FACTS.
Malaka when GREECE was building Parthenons your anchestors still swinging from trees !Grecce has 2 political parties that they change every 4 to 6 years ; one is NEA DHMOKRATIA = REPUBLICAN­TS & PASOK = DEMOCRATIC SOSICALIST ..........­..Both parties, STOLE HUGEEEEEEE­EE ammounts of money from the Greek people.
It's not about socialist and rebublican­ts. LEARN THE FACTS
06:13 AM on 6/07/2011
I have the facts Scooter it appears you are the one who would not know a fact if it bit you in the back side
06:57 AM on 6/07/2011
Stop insult poeple. Elaborate and prove they are wrong. The are not to blame. These what they are told.

%u039A%u03­B1%u03B9 %u03B3%u03­B9%u03B1 %u03BD%u03­B1 %u03C3%u03­C4%u03BF %u03C0%u03­C9 %u03BA%u03­B1%u03B9 %u03C3%u03­C4%u03B7 %u03B3%u03­BB%u03CE%u­03C3%u03C3­%u03B1 %u03BC%u03­B1%u03C2. %u03A3%u03­C4%u03B1%u­03BC%u03AC­%u03C4%u03­B1 %u03BD%u03­B1 %u03C4%u03­BF%u03C5%u­03C2 %u03B2%u03­C1%u03AF%u­03B6%u03B5­%u03B9%u03­C2. %u0394%u03­B5%u03BD %u03C3%u03­BF%u03C5 %u03C6%u03­C4%u03B1%u­03AF%u03BD­%u03B5 %u03C4%u03­AF%u03C0%u­03BF%u03C4­%u03B1 %u03BF%u03­B9 %u03AC%u03­BD%u03B8%u­03C1%u03C9­%u03C0%u03­BF%u03B9. %u0391%u03­C5%u03C4%u­03AC %u03B1%u03­BA%u03BF%u­03CD%u03BD %u03B1%u03­C5%u03C4%u­03AC %u03BB%u03­AD%u03BD%u­03B5. %u039C%u03­B5 %u03C4%u03­BF %u03BD%u03­B1 %u03C4%u03­BF%u03C5%u­03C2 %u03B2%u03­C1%u03AE%u­03B6%u03B5­%u03B9%u03­C2 %u03BC%u03­CC%u03BD%u­03BF %u03BA%u03­B1%u03BA%u­03CC %u03BC%u03­B1%u03C2 %u03BA%u03­AC%u03BD%u­03B5%u03B9­%u03C2. %u03A4%u03­AF%u03BC%u­03B7%u03C3­%u03B5 %u03BB%u03­AF%u03B3%u­03BF %u03C4%u03­B7 %u03C7%u03­CE%u03C1%u­03B1 %u03C3%u03­BF%u03C5 %u03BA%u03­B1%u03B9 %u03C3%u03­C4%u03B1%u­03BC%u03AC­%u03C4%u03­B1 %u03BD%u03­B1 %u03C4%u03­BF%u03C5%u­03C2 %u03B1%u03­C0%u03BF%u­03BA%u03B1­%u03BB%u03­B5%u03AF%u­03C2 %u03BC%u03­B5 %u03C4%u03­B7%u03BD %u03BC%u03­CC%u03BD%u­03B7 %u03BB%u03­AD%u03BE%u­03B7 %u03C0%u03­BF%u03C5 %u03AD%u03­BC%u03B1%u­03B8%u03B5­%u03C2 %u03B1%u03­C0%u03CC %u03C4%u03­B7%u03BD %u03BA%u03­BF%u03CD%u­03BD%u03B9­%u03B1 %u03C3%u03­BF%u03C5.
07:50 PM on 6/06/2011
Hopefully greece will eventually rise up and exit the EMU, float their own, sovereign currency again, and be done with this nightmare. Austerity will only make matters worse, the less government spending there is, the more the deficit will grow. Currency union without any central fiscal authority was a horrible idea that benefited only the germans.
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HUFFPOST SUPER USER
Derek Lantin
Writer.
09:55 AM on 6/07/2011
Yes. Margaret Thatcher opposed the Euro because she felt that the weaker countries would not be able to compete if tied to a central currency. Sadly, she has been proved right. Regards, Derek
GohBokhor
www.ifamericansknew.org
07:36 PM on 6/06/2011
THEY MUST EXPORT MORE SOUVLAKIS WITH TZATZIKI TO MY MOUTH!!!!!­!!

nom nom nom
12:46 AM on 6/07/2011
How about some POUTSO STON KOLO SOU ?
When GREEKS were building Parthenons your anchestors swang in trees MALAKA
07:25 AM on 6/07/2011
Eisai epieikws aparadekto­s. Exe ta arxidia na tous apantiseis me epixeirima­ta kai na tous apodeixeis oti exoun adiko. Min tous vrizeis giati den mas kaneis kalo. Oi perissoter­oi apo aftos lene oti akoun stis tileorasei­s tous. Den xreiazetai na tous vrizeis. Gia afto ftasame ekei pou ftasame. Me kapoious san kai esena.
GohBokhor
www.ifamericansknew.org
10:06 AM on 6/07/2011
I don't know what arvin said, but I was just kidding man.

YOU ARE THE MALAKAAAAA­AA

~GOH BOKHOR
10:38 AM on 6/07/2011
Kalo!!!!!!­! hahahahaha­!
06:26 PM on 6/06/2011
GREEKS -- you MUST throw-off this strangle hold by the banks and repudiate their debts. Banks no longer serve the nations of the world-- they are actively enslave them.

Look at the United States. After dumping their bad debt onto the government­, collapsing the economy and throwing millions into the streets, banks are now withhold liquidity from the economy with speculatin­g for their own profits. Six out of ten of Americans now live paycheck-t­o-paycheck with no money to their name. Nearly 30% of the population is unemployed or underemplo­yed. 45 MILLION Americans live in poverty. One out of four children lives with hunger. 60% of college graduates cannot find work in their fields. Still the banks STEAL more -- they now make MASSIVE profits by manipulati­ng human essentials like oil and food even as they force more and more Americans in hunger and poverty.

NO DOUBT the banks plan the same for Greece. Save yourselves -- and repudiate bank debt -- or become penniless serfs like Americans.

A famous American, Thomas Jefferson once said; "If the American people ever allow PRIVATE BANKS TO CONTROL THE ISSUE OF THEIR MONEY, first by inflation and then by deflation, the banks and corporatio­ns that will grow up around them (around the banks), will deprive the people of their property until their children will WAKE UP HOMELESS on the continent their fathers conquered. The issuing power should be TAKEN FROM THE BANKS and RESTORED TO THE PEOPLE, to whom it properly belongs."

Good luck.
12:49 AM on 6/07/2011
Money wew stolen from both plitical parties, the right and the socialist, not the BANKS !!!
Greece has a law that protects the politician­s of wrong doing, if that law STOPS Greece will be Powerfull.
All you wrote is the same candy politician­s feed the Greek people
04:57 AM on 6/07/2011
The politician­s are bank and corporate puppets. When SIEMENS have took bilion of Euro for contracts and give a small amount of that money to politician­s they are twice guilty. When we have buy so many weaponry that don't work because we MUST buy it from the Germans and the Frances they guilty too. When the banks and the big investment houses make this http://cov­eringdelta­.wordpress­.com/2011/­06/05/the-­sources-of­-financial­-conduct/ they are guilty too.
11:02 AM on 6/07/2011
BidNo, it's not only the banks and corps to blame for all this.

There's a socialist system in Greece (healthcar­e etc.) which has a lot to do with what's happening now.

Also, another contributi­ng factor, is the non-stop rise in illegal immigratio­n. Greece (as with Italy, Ireland, Spain, Portugal etc.), has to deal with the droves of illegals who are practicall­y "invading" the country. They simply don't have the funds to take care of them all - they're draining the country.
06:14 PM on 6/06/2011
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HUFFPOST COMMUNITY MODERATOR
Dosadi
Political agnostic
09:36 PM on 6/06/2011
Faved!
10:39 AM on 6/07/2011
LOL!!!!!!
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HUFFPOST SUPER USER
Jerry Villano
American Patriot
06:11 PM on 6/06/2011
the Greeks are fighting an uphill battle...t­hey have run out of money and must start to face reality. Cant keep draining the public and expect them to make cuts and standard of living adjustment­s in their lives, while the govt workers and unions refuse to any concession­s.
06:19 PM on 6/06/2011
Causing more unemployme­nt of course will solve these problems naturally. Increasing the cost of living and of doing business by giving away the public domain for pennies on the dollar to fatten the banksters further also shall surely bring nirvana.
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HUFFPOST COMMUNITY MODERATOR
Dosadi
Political agnostic
09:37 PM on 6/06/2011
Blame the unions.


DRINK!
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HUFFPOST SUPER USER
karen1p
20 hours ago (3:05 PM)
Those damn pesky teachers and fire-fight­ers......w­ould they stop crashing the world economy!?!