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Subscribe to RSSThe Greek capital was hit by another violent strike as its government edges closer to agreeing to another round of deep economic cuts. ITN's James Mates reports.
ATHENS -- A German flag was burned on the streets of the capital city on Tuesday as Greeks protest austerity measures meant to reduce the country's massive debt load.
Many Greeks believe they are being driven into poverty on orders from abroad, but on Tuesday German Chancellor Angela Merkel tried to ease growing tension by promising she would not try to force Greece out of the euro.
Meanwhile, Greek political parties delayed action on the latest round of cuts that are expected to slash wages, pensions and health care.
ITN reports on the violent strike in Athens. See video above.
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Time to take your medicine, yeah the cure is almost worse than the disease. Americans take note, massive debt is not good.
No problems here in the United Money Fairy States........
Hey Fed Up, where is everyone? busy filing taxes?
Seems to me that the Greek people don't want to stay in the European Union, even though their government does after "real" negotiations. But the government is well paid compared to the common man, the one in the street.
Keep in mind, Greece has the Highest percentage of the population employed by the government, it is these government workers that are being told that we need to reduce the federal payroll that don't want to go and get a real job in the private sector where they might have to actually do *gasp* work, to *shudder* be productive, and *gods forbid* pay their taxes. The Greek people are digging their own hole and fighting the government that is trying to save the country, yes it will hurt, but that is what decades of "entitlement" has done to the greek economy. It is just like the largest employer in the town goes bankrupt and all the workers that refused measures that might have let the company recover then demand the company keep paying them even after all the money is gone, causing the company to shut down completely and all the workers get no more money. If the Greek Government was a privately run company, It would have closed long ago as failed.
How long until they put the Parthenon up for auction? Germany could use some more nice classical architecture.
Attention, shoppers: "Coming to a country near you! Masses of entitlement-minded worthless dolts who need handouts to survive".
Think so?
DisgustedConservative: I and many others have paid into SS and Medicare for forty years and more, give back the money with interest, and you can have the SS and medicare! then talk that BS!!! the ones retiring now earned it, you and your tea publican buddies are not giving them anything! keep your hands out of their pockets; they earned it their entittled to it!!!
The money is GONE, dale. They've spent it on welfare moms, bridges to nowhere, etc.
Don't care what you paid in or earned, dude. You're done.
And don't blame ANY political party. Simple economics, sir.
Another lesson that will not be learned by us or most of Europe. It's called arithmetic. The only way for America to avoid the same fate is if we rebuild our private sector manufacturing. The only way I see how to do that is 1. screw up our environment and work for squat or 2. Tell other countries that do not invest in their environment or workers that we will impose a tax on their goods to offset our investment. China will scream that America is starting a trade war. Should we care, can we care? China started dumping steel on the U.S. during the Carter administration eventually destroying the number 2 steel producer Bethlehem Steel. Our neighbor to the north has dumped lumber and pork, Mexico has an outstanding record for workers rights and the environment. any such action will lead to higher prices, and you know why? Because thats how much stuff costs. We are letting third world countries and China destroy our economy. The bankers and speculators are not helping our country but the bottom line is jobs, without decent paying jobs there is no tax base to pay for Government work. schools, programs to help other people.
Since the Carter years America has been developing telecom, computers and IT and improving in all sectors ( pharmaceuticals, engineering, this that and the other). This IT revolution is somewhat over just like the industrial revolution in England that trickled down since. We need another a shot in the arm, a Revolution (economically), another driver to push the standards of living further up and that requires a change of wants and needs from the people. Communication is saturating. Green energy would be good and smart but the oil cartels are impeeding that evolution because they want us to function on their stuff, strangely enough now there is plenty of oil in Canada and North Dakota, after the "peak oil" talks justifying price increases at the pump in the recent past. This economy is being choked by the oil industry influencing our wants and needs as well as by greedy companies using foreign labor in foreign lands. If we are so lucky as to get another boom we'd better make sure to accumulate the wealth on the government books instead of squandering it and never get into this mess again. The legislation needs to be in place set in stone to protect the economy ( like the Taft Hartley Act which was repelled to boom up things and satisfy Greed, our forefathers must be spinning in their graves). The Boom-Bust economies lose a lot of efficiency, money and time, none of which adds up to a higher standard of living or should I dare to say simple Happiness, as demonstrated by the millions of homeless and food stamp recipients. I know the wealthy doesn't suffer too much, but eventually if things don't change OWS will turn into Occupy the City Hall, Police stations and God knows what else. Maybe Occupy the Wealthies Homes. I hope not that far, but stranger things have happened.
Crabdusty, according to your last sentence I think the Chinese government owes us our tax base so lets ask them to forget what we owe them and call the deal even.
What America is witnessing in Greece is nothing comparted to what America is going to experience if Obama does not learn how to live within a budget or, continues his full throttle thrust towards (Euro style) Socialism. IN a way America is lucky! We see what socialism has done to Greece, Italy, Spain, Portugal, etc. We still have a little time to change to a responsible course.
I take it you're one of those people in favour of a balanced budget, massive spending cuts, and no new revenue. Spoiler alert: that course of action has never worked.
What we need is a balanced economy based on new innovative industries plus the best of what we already do the best at.
Everybody looks at China as this huge threat. It was only ten years ago that our military judged China as no threat anytime soon. Everybody draws ultimate conclusions based on their own small experience of the world.
I do not see the USA coming apart any time soon. And no, Obama is not trying to install European style socialism. Stop listening to Rush, who is a know nothing. He is trying to find ways to get our economy off the brink of another Depression, and so far it appears to be working.
Nobody likes the national debt at these levels, but cutting massively right now would probably send the economy back into a spiral. Why this sudden interest in the national debt? After decades when nobody seemed to care?
The debt is not good, but the current obsession with it is nothing more than Republican spin. And these are the guys who sat in DC in their silk suits coming up with bridges to nowhere, and so much more.
Hey "pap". Balanced your checkbook lately?
Let Greece rot. This is what happens when socialism grips a country.
Once we get accustomed to Obamawelfare during his next term, we will also become concerned enough to take to the streets to demand an additional "growing season" from the national "money tree"....
Cant make something outta nothing.....
Frightening to watch these countries implode after years of false prosperity. Sooner or later the bubble is going to burst, & it's here, too. We're faced with budget deficits, job shortages, unpaid taxes, all signs of a coming disaster if something isn't done soon. So many of our jobs have been lost to other countries that we, too, are in deep trouble. We keep giving away the store & can't understand that the store is almost empty.