Illustration by Manos Symeonakis
As Greece draws breath after voting for a new package of austerity measures likely to pave the way for another loan agreement with the European Union and the International Monetary Fund, this might be an opportune moment to identify one of the key faults with the first memorandum signed last year. Because, like a Hollywood sequel which follows a dire original, Memorandum II is likely to make us want to look away in horror.
There is plenty in the medium-term fiscal plan, or MTFP as it’s known in sequel speak, about reducing public spending. Greece plans to save more than 14 billion euros by 2015. This means, among other things, that the public sector wage bill will be cut by 770 million euros this year, 600 millon in 2012, 448 million in 2013, 300 million in 2014 and 71 million in 2015.
Posted in Economy, European Union, Greece
Tagged EU, EU-IMF bailout, EU-IMF memorandum, European Union, George Papandreou, Greece, Greece austerity, Greece corruption, Greece loan memorandum, Greece memorandum, Greece public education, Greece public expenditure, Greece public health, Greece public sector, Greece public sector reform, Greece public spending cuts, Greece tax evasion, Greece taxes, Greek bailout, Greek civil service, Greek public administration, IMF, International Monetary Fund, Jean-Claude Juncker
Photo by Stratos Safioleas
Thousands of protesters packed Syntagma Square in Athens for a third consecutive day on Friday. Those giving up another evening to vent their anger at Greece’s plight continued to display great enthusiasm and persistence. There was something dramatic about their protest, which took place as ominous clouds rolled across the Attica sky and boneshaking thunder boomed throughout the capital. It felt like someone had splashed out on the special effects in preparation for the ultimate battle: the people vs. the political system. The unstoppable force meets the immovable object.
Posted in Athens, Economy, Greece, Greek politics
Tagged 25M, 25MGR, Athens, EU, European Union, Greece austerity, Greece bailout, Greece IMF, Greece memorandum, Greece protests, Greek revolution, IMF, Indignados Spain, Indignagos, Indignant, Indignant Athens, Indignant Greece, International Monetary Fund, Puerta Del Sol, Syntagma Square