Skip to comments.Athens buildings burn as lawmakers weigh austerity
Posted on 02/12/2012 12:53:20 PM PST by NormsRevenge
ATHENS (Reuters) - Historic cinemas, cafes and shops went up in flames in central Athens on Sunday as black-masked protesters fought Greek police outside parliament, while inside lawmakers looked set to defy the public rage by endorsing a new EU/IMF austerity deal.
As parliament prepared to vote on a new 130 billion euro bailout to save Greece from a messy bankruptcy, a Reuters photographer saw the buildings engulfed in flames and huge plumes of smoke rose in the night sky.
The air over Syntagma Square outside parliament was thick with tear gas as riot police fought running battles with youths who smashed marble balustrades and hurled stones and petrol bombs.
Government officials warned that Greeks faced "unimaginably harsher" sacrifices if parliament rejected the package, which demands deep pay, pension and job cuts, when it votes later in the evening.
But on the streets many businesses were ablaze, including the neo-classical home to the Attikon cinema dating from 1870 and a building housing the Asty, an underground cinema used by the Gestapo during World War Two as a torture chamber.
As fighting raged for hours, protesters threw homemade bombs made from gas canisters as riot police advanced across the square on the crowds, firing tear gas and stun grenades. Loud booms from the protests could be heard inside parliament.
"Tear gas has reached the parliament chamber," said leftist lawmaker Panagiotis Lafazanis.
After days of dire warnings and threats of rebellion, parliament began debating a bill setting out 3.3 billion euros ($4.4 billion) in wage, pension and job cuts this year alone, to secure funds Greece needs to avoid bankruptcy next month.
(Excerpt) Read more at news.yahoo.com ...
I'm Sad and glad here.. Sad for the people that work hard there and glad I got to see a little GReece before it gets 'ruined' again.
Coming soon to a nation near you. :)
perhaps not. perhaps they are relearning the forgotten lesson
the people lack the discipline to govern themselves
they vote to take that which is not theirs and the result is nasty
we are about tho learn that same lesson. or rather we are relearning that lesson
Give me free pie or I burn down the bakery!
” saw the buildings engulfed in flames and huge plumes of smoke rose in the night sky.
The air over Syntagma Square outside parliament was thick with tear gas as riot police fought running battles with youths who smashed marble balustrades and hurled stones and petrol bombs. “
This sounds like a pretty major escalation in the intensity of Greek ‘demonstrations’..
Not looking good....
The ‘67 riots in Detroit (and other ‘rat cities) certainly got those places on the right trajectory....
Greece's Finance Minister Evangelos Venizelos and the head of the International Monetary Fund (IMF) Christine Lagarde (R) attend a Eurogroup meeting at the European Union council headquarters.
The Greek problems are so sad. However, their present mess is our future mess.
Good Point! I hadn't really thought about it, but there are definitely reasons why there are "ruins" strewn about the world.
Greece has always been a sideshow. Things will get really interesting when similar austerity measures are introduced in Italy, Spain and France. Doubt the Germans will be as tough with this group as they are with Greece. The rioting has really frightened the bureaucrats in Brussels and the IMF. However if the deficit spending continues, the EU will likely implode. Just hope our esteemed President doesn’t commit the American taxpayer too deeply in this mess. Think the Keynsians are learning anything?
OR, salt the earth of the grain fields.
OR, salt the earth of the grain fields.
What is considered "deep?"
When I read this I have two thoughts:
1. When this reallly goes you will see major banks and hedge funds swarming over the body looking for trillions in payouts for credit default swaps. That is not good.
2. There is more media time spent on that drug addled d-bag that died in Beverly Hills than this. The impact of a defaulting Greece is the first dominoe to fall. Italy will make these riots look like your average Saturday night football hooligan riot.
The Greek chaos is coming here eventually because we are just as broke as they are. We are now in a civil war over debt slavery to the welfare state and you don’t need to have a crystal ball to see a collapse coming.
I wrote a full book on what a modern civil war will look like, it isn’t like CWI. A lot of things change because of the Internet. Also, the regime can’t count on the army, so it is fighting with proxy armies of union brownshirts, OWS anarchsts and illegals. But it is still a civil war. No one will want it or try to start it on the right, it is just baked into the cake because the financial mountains are so huge.
“Surviving Civil War II: Preparing For Political, Social & Economic Collapse” http://www.futurnamics.com/civilwar.php
To paraphrase James Brown:
“Coming to America... block by block... burn the nation”
Everybody’s hurting economically so what do they do. They destroy assets. Makes as much sense as anything else done in Greece I suppose!
The best way to help these people is to do nothing.
Let it collapse around them, let them reap the fruits of their socialism.
The survivors might have learned what not to do as they rebuild.
-——The Greek problems are so sad. However, their present mess is our future mess.——
Not if we act now to reign in the debt and start growing the economy again....
It will take some hard decisions that will affect millions of people to make them became part of the productive class rather than the parasite class...
Of course that is as likely to happen as Ron Paul becoming POTUS
It looks like Greece could make a big step just by cutting his meal allowance!
Who’s Fatty Arbuckle?
When entitlement zombies come face to face with reality...
“to make them became part of the productive class”
Good luck with that.
You can’t make someone productive.
Gimme gimme gimme and make someone else pay for it. When you don’t get what you want, riot. This is the end result of an active program of government dependence.
He's already gotten his pie.
——You cant make someone productive.——
I think you can if given the right incentive like given the choice between eating and starving ....can motivate one in the right direction....
I would think most people would rather work than starve .....but than that would make me a mean spirited evil rethug....with no compassion for the “victimhood” mentality.... / s
And, as is typical of Communism/Socialism...he will salt his own fields.
They all have it...only their brainwashing has neutralized it!
-——You cant make someone productive.-——
of course you can.
You can give a typist an IBM Selectric and then a word processor. You can give a tire changer an air ratchet. You can give a carpenter a circular saw and an air nailer . You can give a grave digger a back hoe You can give a small contractor an I phone
Italy will make these riots look like your average Saturday night football hooligan riot.
I took that as make = force someone to be productive.
Give someone who has been on welfare a long time a hammer, and it would probably just confuse them.
I really liked sitting around Syntagma Square. One of my favorite places. GB was my favorite place to stay in Athens. ( can not imagine what it must be like now). The fumes from the traffic was part of the charm. Hope the violence dose not destroy the Plaka and the Acropolis.
That's a new one.
“Head! Paper! Now!”
In a worst case senario, it could happen in the U.S. I’m not saying that it will and I think that most Americans wouldn’t do this, but when people panic and then form groups, they don’t act rationally.
ZeroHedge says the bailout is now E210 Billion.
I agree. Thanks for the link. I will check it out.
The Stimulus Bombshell
MyGovCost.org ^ | 1/24/12 | Craig Eyermann
FR Posted January 31, 2012 by GSWarrior
Thats really the only word we can use to describe the release of a sensitive and confidential 57 page memo, written by then soon-to-be U.S. Treasury Secretary Larry Summers in December 2008, about what became President Obamas signature economic program in the first year of his presidency: the stimulus package.
James Pethokoukis has summarized some of the most significant aspects of the memo, which weve excerpted below, and which reveals the Obama administrations thinking behind what became an over 821 billion dollar boondoggle. The bold text represents Pethokoukis summary of that thinking, which is directly followed by a supporting quotation from Larry Summers memo:
1. The stimulus was about implementing the Obama agenda. The short-run economic imperative was to identify as many campaign promises or high priority items that would spend out quickly and be inherently temporary.... The stimulus package is a key tool for advancing clean energy goals and fulfilling a number of campaign commitments.
2. Team Obama knows these deficits are dangerous (although it has offered no long-term plan to deal with them). Closing the gap between what the campaign proposed and the estimates of the campaign offsets would require scaling back proposals by about $100 billion annually or adding new offsets totaling the same. Even this, however, would leave an average deficit over the next decade that would be worse than any post-World War II decade. This would be entirely unsustainable and could cause serious economic problems in the both the short run and the long run.
3. Obamanomics was pricier than advertised. Your campaign proposals add about $100 billion per year to the deficit largely because rescoring indicates that some of your revenue raisers do not raise as much as the campaign assumed and some of your proposals cost more than the campaign assumed.... Treasury estimates that repealing the tax cuts above $250,000 would raise about $40 billion less than the campaign assumed.... The health plan is about $10 billion more costly than the campaign estimated and the health savings are about $25 billion lower than the campaign estimated.
4. Even Washington can only spend so much money so fast. Constructing a package of this size, or even in the $500 billion range, is a major challenge. While the most effective stimulus is government investment, it is difficult to identify feasible spending projects on the scale that is needed to stabilize the macroeconomy. Moreover, there is a tension between the need to spend the money quickly and the desire to spend the money wisely. To get the package to the requisite size, and also to address other problems, we recommend combining it with substantial state fiscal relief and tax cuts for individuals and businesses.
5. Liberals can complain about the stimulus having too many tax cuts, but even Team Obama thought more spending was unrealistic.
As noted above, it is not possible to spend out much more than $225 billion in the next two years with high-priority investments and protections for the most vulnerable. This total, however, falls well short of what economists believe is needed for the economy, both in total and especially in 2009. As a result, to achieve our macroeconomic objectivesminimally the 2.5 million job goalwill require other sources of stimulus including state fiscal relief, tax cuts for individuals, or tax cuts for businesses.
6. Team Obama thought a stimulus plan of more than $1 trillion would spook financial markets and send interest rates climbing. To accomplish a more significant reduction in the output gap would require stimulus of well over $1 trillion based on purely mechanical assumptionswhich would likely not accomplish the goal because of the impact it would have on markets.
When a government holds power by distributing goodies, this is what happens when the goodies stop.