February 12th, 2012
05:55 AM ET

Greece Parliament to vote on austerity measures

The parliament in Greece is expected to vote Sunday on austerity measures demanded in return for a new eurozone bailout of the debt-stricken country.

In a speech Saturday evening, Prime Minister Lucas Papademos urged the Cabinet to approve the deal, warning of "social explosion, chaos" if it fails.

"The state will not be able to pay salaries and pensions or import basic goods" such as medicine and fuel, he warned, adding that "unemployment, which is currently unacceptably high, would increase even higher."

Ultimately, Papademos said, if parliament rejects the deal, Greece - already in the midst of a prolonged recession - would be "bankrupted and out of the eurozone."

Parliamentary approval would pave the way for the eurozone finance ministers to sign off on the new €130 billion ($172.6 billion) bailout deal.

Greece needs the funds in order to meet €14.5 billion in debt repayments due next month.

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Filed under: Greece • World
soundoff (110 Responses)
  1. Superman

    So greece needs the funds? So does that mean they need our money? I say absolutley not let them bail themsevles out

    February 12, 2012 at 6:04 am | Report abuse |
  2. RUFFNUTT ( south kasas city resident and leader of the gkop alliance )

    THEY should have a pancake breakfest and sell some girlscout cookies... those are great ways to raise money...

    February 12, 2012 at 8:20 am | Report abuse |
  3. gung hoe

    I agree with ruffie on this one but i think the money is coming from europe.We have sausage sales at our church

    February 12, 2012 at 8:27 am | Report abuse |
  4. RUFFNUTT ( south kasas city resident and leader of the gkop alliance )

    they could also have a garage sale, a bake sale...there is lots of ways to make money..
    let visiters stay in the presidents house for a sleep over..(for a small fee ofcourse)..

    February 12, 2012 at 8:31 am | Report abuse |
  5. gung hoe

    Great Idea ruffie,wish I thought of that

    February 12, 2012 at 9:21 am | Report abuse |
  6. Mary

    When the conversion rate of repaying a loan is higher than the principle it can make it impossible to do so, thus the lender gets assets of that country that the lender was seeking in the first place. Nice trick huh?

    February 12, 2012 at 10:05 am | Report abuse |
  7. hamsta

    They protest and riot in greece because socialism failed as it always does.they protest and riot in america because they want socialism.send the occupy protestors to live in greece.anyone notice cnn no longer covers the occupy movement?thats because cnn was forced to expose ows for who they really are,socialist criminal communist moochers.what happens in the dark eventually comes to light.

    February 12, 2012 at 10:33 am | Report abuse |
    • dazzle ©

      hamsta, you are playing fast and loose with this commentary. It appears as though you are in the Cold War era.

      February 12, 2012 at 11:31 am | Report abuse |
  8. chrissy

    lmao @ hamsta, the occupy protest was last months news! Cnn hasnt posted anything on them0because nothing is going on with them! Did YOU notice NO ONE is saying anything about them? Time to find a different topic hamsta!

    February 12, 2012 at 10:42 am | Report abuse |
  9. bobcat (in a hat) ©

    Does everything have to be about SOCIALISM--AHHHHHH

    February 12, 2012 at 10:53 am | Report abuse |
  10. RUFFNUTT ( south kasas city resident and leader of the gkop alliance )

    I HATED social studies in high school... i got a d-

    February 12, 2012 at 11:05 am | Report abuse |
  11. bobcat (in a hat) ©

    Is social studies the study of the basis of socialism or the basics of the intermingling effect of society as a whole ?

    February 12, 2012 at 11:24 am | Report abuse |
  12. Mary

    Social Studies is What the U.S. Government's version of history is that they spew out to our children.

    February 12, 2012 at 11:28 am | Report abuse |
  13. George

    The trick is that Greece should never be able to repay its loans, so that the 4th Reich and coalition forces(bankers etc) begins once more its war towards Europe. Some lessons have been taught though, such as military occupation of the Europe is not possible (so they use economic means and the countries resources – police etc) and that you should occupy Europe country by country not all at the same time. You can not eat a whole orange at once, you eat it bit by bit. Portugal, Spain, Italy are in the corner, even France feels unsafe.

    It is not that we do not want to repay our debts (yes I AM GREEK and PROUD of it as you are of your origins and your culture), it is that the measures proposed will never allow us to repay them. They are here to suffocate the economy, to level the ground..

    Just a figure:
    In 2009, Greece had a debt of around 100M when we entered the IMF and Europe support. Today our debt after the "support" is 360M.. With a 15% deficit we were running this amount debt would accumulate in 2020, if no measures at all were taken.

    There is a "support" though.. Towards the financial institutions. Debt is transfered from banks to the European people and American people. Now my British, German, French, Italian friend, Greece owes money to you. For 20 years they made tremendous profits with the Greek bonds (which at the end of the day nobody obliged them to buy) and now they unload them to you. Yes, feel angry, towards who though?

    I am not saying that everything was running perfectly in Greece, the contrary. But it is not the prime reason for what happens today.

    Greeks are changing, they DO support the effort; they just start to see that this way there is no light at the end of the tunnel.

    Since 2009, we lived at least 20 judgement days, no judgement occurred. We took measures never before seen, anywhere. Anywhere! Salaries and pensions are down up to 60%, public sector has diminished (and should be reduced even more!) 4 different consecutive taxes on properties, school with no teachers and books, "crisis" taxations etc.. Tomorrow in Greece if you have cancer and you are poor you just die, it is not covered anymore.

    The promise was that by early 2010, we will be back on track, then it was sept 2010, then sept 2011, then early 2012, then 2014. cause the measures just dont work! (I assume in Economics 101 you where taught what multiplier effect is).

    Somebody could say that you do not try hard enough. You do not follow the measures. The answer is the reality of Greece today. 30% of the population are under the limits of poverty, 25% unemployment (60% in youngesters), portions to homeless in Athens went from 2,000 per day to 20,000 during the last year. When somebody was suiciding in Greece, it was over the news. It was happening once a week to my recall, today 4-5 people suicide per day. Per day. Did we take severe measures or not?

    During the second world war, people in athens where starving the same way they starve today. The difference is that then they knew why.

    February 12, 2012 at 11:32 am | Report abuse |
  14. bobcat (in a hat) ©

    Wouldn't that be more like American History ?

    February 12, 2012 at 11:37 am | Report abuse |
  15. Mary

    You mean our Government history doesn't include the manipulation of other Governments in the past?
    Our Government was built on deception.

    February 12, 2012 at 11:42 am | Report abuse |
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