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Greek bail out remedies ineffective, economy plunges another 6.9%

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Greece is failing more and more, every day in every way, and yet some media outlets claim it is on the road to recovery.

We liken such assertions to those that might have been made by the condemned as they were carted away in Tumbrels to Madame Guillotine. A bumpy ride, they might have said, but nothing really bad has happened yet.

Greece's real pain is written on the faces of its suffering citizens, those who were taken in by decades of lying politicians promising uninterrupted pleasure at no cost. This sort of curse has been foisted again and again on gullible citizens from the beginning of recorded history, and it is apparently still good electorate-bait. Perhaps another loan will help, they say, just enough to get us past this crisis. Are the Germans listening?

No words can describe the misery and deprivation that underlay every day life in that benighted republic. What can be done, one may ask? The fever must run its course if the patient is to survive. Meanwhile the politicians release more smoke and chaff, then ride home to their villas comfortably situated in stretch Mercedes.

Will this species of trouble come nigh unto the US?



Greece has been at the epicenter of the eurozone debt crisis and is entering its sixth year of recession because of the harsh government-introduced austerity measures that has resulted in more than a quarter of Greeks losing their jobs.

One in every four Greek workers is currently unemployed, banks are in a shaky position, and pensions and salaries have been slashed by up to 40 percent.


 Greek medial slashes payrolls

A well-known journalist, Paulos Tsimas summarized the overall situation at Mega Channel,  one of the most popular TV stations in the country. “Since the beginning, Mega has tried to avoid layoffs. Top executives who were working for great salaries agreed to reductions to keep the others employed. However, this summer, 30 – 40 per cent of our colleagues had to leave.


 Greek debt buy-back fails

After initially saying it had secured enough participation, Greece has extended the deadline for a buy back of its bonds in a bid to reduce its staggering debt  to Dec. 11, in a last attempt to try to get more offers from bondholders, its debt agency (PDMA) said.


Greek politicians admit "great depression" is under way

"You had the Great Depression in the United States," Samaras told Clinton, who was visiting Greece as part of a delegation of Greek-American businessmen. "This is exactly what we're going through in Greece - it's our version of the Great Depression."

Last modified on Monday, 10 December 2012 22:42

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