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October 14, 2011
Is Greece finally getting serious about fiscal crisis?
It would seem that the showdown brewing in the Greek parliament over the latest "austerity" measures is causing some real soul searching in the Greek government. Reuters: Much of Greece will be shut down by a 48-hour general strike called to coincide with the vote on Thursday. Union leaders hope to sink the package of pay cuts, tax hikes and public sector layoffs by undermining the resolve of the ruling PASOK party. At least two deputies have threatened to vote against part of the package. Nevertheless, the government's slender majority will probably hold up. Venizelos, a bull-necked political veteran drafted in by Prime Minister George Papandreou in June this year to keep the party in line, said there was no alternative to the measures, which the government says are needed to fend off bankruptcy. "This is a fight for our existence... we will do anything," he told lawmakers in parliament. Inspectors from the European Union, the International Monetary Fund and the European Central...(Read Full Post)