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10 Nov 2011 14:58

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World: Greece finally has its new Prime Minister

  • Papademos walks into a tumult: After days of chaotic political wrangling and general panic over Greece’s debt crisis (as well as the euro zone writ large, as Italy teeters on a dire edge), a new Prime Minister has been selected to replace the outgoing George Papandreau. The new man in charge is Lucas Papademos, the former VP of the European Central Bank. “The course will not be easy. But the problems, I’m convinced, will be solved. They will be solved faster, with a smaller cost and in an efficient way, if there is unity, agreement and prudence,” he said. source
Posted by Chris Tognotti • 0 Comments • Permalink

01 Nov 2011 10:25

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World: Stocks hate democracy: Greek PM puts aid package up for referendum

  • cause In a surprising move that threw off the entire world market, Greek Prime Minister George Papandreou said that he would put the country’s aid package up to a public referendum.
  • reaction Stocks worldwide reacted to the news poorly, including the U.S., which fell by more than two percent. The markets were already volatile; the danger of Greek default made things even worse. source
Posted by Ernie Smith • 0 Comments • Permalink

29 Jun 2011 11:42

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World: Greek austerity passes parliament, ensuring international loan

  • 155-138 mostly along party lines source
  • » Harsh words for the opposition: George Papandreou, the leader of the Socialist Party, had this to say towards the opposition New Democrats in the heat of the all-important vote: “All of Europe knows that your party is responsible for the current situation.” The vote, which only one member of parliament on either side crossed lines for, means that the country will receive a $17 billion rescue plan to make it through the Summer, with a second, much larger one in the works. Meanwhile, outside parliament, large-scale protests continued unabated.
Posted by Ernie Smith • 0 Comments • Permalink

28 Jun 2011 10:23

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World: Greeks protest austerity vote; police officers are ready for them

  • 5,000 police officers deployed to deal with mayhem source
  • » 48-hour general strike called: With Greece facing a difficult austerity vote today, protesters have shown up by the thousands outside of the country’s parliament. The strike has shut down most public services, including transit. Airports and hospitals have also suffered the deep effects of the strikes. The passage of the measures, however, is key — a large loan from the European Union and the International Monetary Fund rests on their passage. If they don’t get it, they risk going into default, which would be very bad.
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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