And you thought electing Socialists would bring change?
"Greece meets debt targets, will get loan payment; Austerity push yields results, but challenges remain" by Derek Gatopoulos and Elena Becatoros, Associated Press | August 6, 2010
ATHENS — Greece has made remarkable progress implementing an austerity program to tackle its debt crisis and is expected to receive the second installment of rescue loans next month, the IMF and EU said yesterday. They warned, however, that the country still faces significant challenges.
Greece came to the brink of defaulting on its mountain of debt in May and was saved by the first installment of a $145 billion, three-year package of rescue loans set up by the International Monetary Fund and by other European Union countries....
In return for the rescue loans, Greece has been pursuing a strict austerity program, which has seen it cut civil service pay, trim pensions, and increase taxes. The government’s progress has been under quarterly review by the IMF, the European Central Bank, and the European Commission, the EU executive....
Poul Thomsen, IMF mission chief for Greece, said the government’s austerity program is “off to a very strong start,’’ adding that there was “clearly a need to control extra budgetary expenses,’’ including in state hospitals and at the municipal level.
Yup, LESS HEALTH CARE FOR YOU, citizen of Greece.
Related:
"Greece... the most expensive military budget in Europe in per capita terms, and second only to the United States in the alliance"
Notice how governments always have money for war?
Papaconstantinou emphasized that the government was proving it was delivering on its promises despite the skepticism of some international analysts who think Greece might eventually have to restructure its debts.
“We have defied all the doomsayers,’’ he said....
Related: An upbeat take on EU economy
Also see: IMF seeks lower US deficit, citing tenuous recovery
Maybe they will save you, AmeriKa.
