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Greece Set for Second Bailout

Posted on Mar 9, 2012
AP / Michael Probst

Having pulled off the biggest debt restructuring deal ever, Greece is on track for yet another bailout. Meanwhile, the Greek government is also preparing to make yet another round of austerity cuts, which may involve lowering the nation’s minimum wage.  —KA


In a statement after a conference call of finance ministers, Jean-Claude Juncker, president of the 17-nation Eurogroup, said “the necessary conditions are in place to launch the relevant national procedures required for the final approval” of its bailout.

Mr Sarkozy, who faces an election next month, added: “I would like to say how happy I am that a solution to the Greek crisis, which has weighed on the economic and financial situation in Europe and the world for months, has been found.”

Holders of 85.8% of debt subject to Greek law and 69% of its international debt holders agreed a debt swap, according to the Ministry of Finance.

Athens needed to get 75% to push through the deal, which is a condition of Greece’s latest bailout.

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By SarcastiCanuck, March 12, 2012 at 7:10 am Link to this comment
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Maybe angie can pimp out her bisexual cadre and help cover the Greeks debt.Whats the deal on that TD?Spamalot…

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By PatrickHenry, March 10, 2012 at 8:27 am Link to this comment

The greeks should have handled it like Iceland did.

Tell the bankers to GFYS, default, let the bankers take over the land as collateral and have to pay property taxes on it.

Then place the person(s} on trial who got them into this mess.

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By Jim Yell, March 10, 2012 at 6:21 am Link to this comment
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The real cluelessness from the rich isn’t just that Daddy Bush didn’t know the cost of milk, but that he had and probably has no idea how the increasing cost of milk and other food effects the lowest paid workers, nor does he care. In this I am not just speaking about the Bushs but about the super rich in general.

What is happening in Greece is protection of the super rich and a pretence that minimum wage is too high, anywhere in the world. The Repulbicans want to destroy minimum wage in this country. They are pigs.

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By vector56, March 10, 2012 at 5:39 am Link to this comment

Greece is the proverbial canary in the coal mine.

When they are done with them, we are next! Notice when the corporate media tells you about all of these new jobs being created they fail to mention what kind of jobs they are?

Good public sector jobs are being traded for low-wage, no beneficent jobs, lowering the living standard in the “race to the bottom”. This was the “New World Order” they spoke of.

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By vector56, March 10, 2012 at 5:33 am Link to this comment


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By moonraven, March 9, 2012 at 12:28 pm Link to this comment

Poor Greece, So far from God and so close to the EU.

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