"Clinton praises Greek austerity plan" July 18, 2011|New York Times
ATHENS - Secretary of State Hillary Rodham Clinton yesterday emphasized Washington’s strong support for Greece’s commitment to right its debt-ridden economy with austerity measures and thanked the government for its contributions to NATO-led operations in Libya and diplomatic efforts in the Middle East.
Maybe the militari$m could be used at home instead, huh?
On her first visit to Athens as secretary of state, Clinton said Greece could rely on unequivocal US support for its efforts to emerge from a debt crisis that has shaken the eurozone and rattled the global economy.
At a news conference with Greece’s foreign minister, Stavros Lambrinidis, she praised the determination of the government to impose austerity measures Parliament approved last month amid violent street protests.
It's a Democrat administration, right?
Related: Greeks in the Streets
Yeah, they never left!
Comparing the measures to “chemotherapy to get rid of the cancer,’’ she emphasized the price of inaction would have been much higher.
I know a few other cancers that should be excised from this planet.
Her visit - the second leg of a 12-stop diplomatic tour that started in Turkey - comes as Greece prepares for an emergency meeting on Thursday in Brussels, where leaders of the 17 eurozone countries will attempt to hammer out a deal on a second bailout.
Lambrinidis said Greece has made progress. The Socialist government’s success in pushing through the deeply unpopular austerity measures, he added, had saved Greece, which had been downgraded several times by international credit rating agencies.
“Many had gambled on the collapse of Greece and of Europe,’’ Lambrinidis said. “But all have been proven wrong.’’
That's why Greece is getting a second bailout.
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"Debt deal seen as possible; Aide says Greek surplus attainable" July 19, 2011|By Derek Gatopoulos and Nicholas Paphitis, Associated Press
ATHENS - The Socialist government has faced months of anti-austerity protests, and has seen a recent slump in popularity....
Oh, I can't imagine why.
In the latest sign of public discontent, striking taxi drivers blocked roads to the country’s main airport and harbor yesterday as part of a two-day strike, which is occurring at the heart of the vital tourist season....
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And I'm sure the Globe will pick up that strike coverage:
"EU leaders forge Greek bailout plan; Deal could cause limited default" July 22, 2011|By Stephen Castle, New York Times
BRUSSELS - After weeks of uncertainty that revived fears about the foundations of the euro, European leaders yesterday clinched a new rescue plan for Greece that could push the country into default on some of its debt for a short period but would give Europe’s bailout fund sweeping new powers to shore up struggling economies....
a “European Marshall Plan’’
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On the central issue of extending debt, rating agencies had already issued strong warnings that such steps might constitute a limited form of default because creditors would not be repaid in full on the original terms.
The agreement came after days of conflict among Europe’s leaders over how to keep the debt crisis from engulfing the much-larger economies of Italy and Spain. Any contagion would not only pose a potent threat to the euro but could destabilize the entire global financial system....
More significant, the euro zone leaders gave wide-ranging new powers to the bailout fund, the European Financial Stability Facility, by allowing it to buy government bonds on the secondary market and to help recapitalize banks where necessary.
That would effectively turn it into a prototype European version of the International Monetary Fund. The bailout fund would also help countries that had not requested a rescue.
Strengthening the bailout fund signals a new willingness to come to terms with the scale of the euro zone’s debt crisis by taking a big step toward common economic structures....
So MORE CENTRALIZATION is being ADVANCED along with the AGENDA, huh?
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