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Wednesday, May 05, 2010

Greeks rioting in response to EU- imposed austerity measures

'Greeks protest over forced austerity measures after the European Union announced a €110 billion ($145 billion) aid package for Greece on Sunday. Soon after, Greek Finance Minister George Papaconstantinou announced the tough cost-cutting measures to meet European Union and International Monetary Fund conditions for the deal.
The package includes a promise by Greece to cut its budget deficit to 3 percent of the country's gross domestic product, as required by European Union rules, by 2014, according to Papaconstantinou.'

US and especially CA is a greater fiscal train wreak than Greece, yet we happily print and borrow to keep the welfare entitlement gravy train going here. US and at least 10 states are putting off the hard fiscal austerity choices Greece is now confronted with, as no US/state/local politician will make the politically suicidal decisions to drastically curtail or cut entitlement spending , esp the Democrats who depend directly on Government-dependent voters.

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