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Greek parliament approves more bailout reforms despite protests

By George Georgiopoulos and Renee Maltezou

 

Protesters clash with riot police outside the parliament building during a demonstration against planned government reforms that will restrict workers right to strike in Athens, Greece, January 15, 2018. REUTERS/Costas Baltas

 

ATHENS (Reuters) - Greece's parliament on Monday passed a swathe of reforms demanded by international lenders in exchange for fresh bailout funds, a success for the government but a blow to thousands of people protesting outside.

 

The bill introduces a new electronic process for foreclosures on overdue loans and arrears to the state, opens up closed professions, restructures family benefits and makes it harder to call a strike.

 

About 20,000 people rallied outside parliament during the vote. Bus, subway and city rail services were disrupted and some flights were grounded as workers went on strike to protest against the bill.

 

"Parliament shouldn't approve these measures. The government must take them back. They have exhausted us," said 55-year-old Georgia Koutsoukou, one of the demonstrators.

 

As the vote was in progress, police fired teargas to disperse protesters who hurled stones and petrol bombs at them. The unrest was brief.

 

The vote means the government has succeeded in securing the reforms before a Jan. 22 meeting of euro zone finance ministers, who are expected to assess if Greece has done enough to conclude the third review of its current, 86 billion-euro (76.44 billion pounds), programme that expires in August.

 

Concluding the review will help unlock about 6.5 billion euros in bailout loans.

 

"Today's vote is pivotal for the country to successfully emerge from bailouts in seven months," Greek Prime Minister Alexis Tsipras told parliament, urging his lawmakers in the 300-seat parliament to approve the bill.

 

The government's majority increased by one, to 154 seats, following the vote, after an independent deputy said she would join the ruling Syriza party's parliamentary group.

 

But the legislation is a bitter pill to swallow for Tsipras' Syriza whose roots are in left-wing labour activism.

 

The new law raises the threshold to call a strike to just over 50 percent, from one-third previously. Business owners and Greece's creditors hope the measure will limit the frequency of strikes and improve productivity, which lags about 20 percent behind the European Union average.

 

(Additional reporting by Lefteris Papadimas and Karolina Tagaris; Editing by Robin Pomeroy)

 

-- © Copyright Reuters 2018-01-16

[thaibeachlovers]

I've never been to Greece, other than transiting in the Athens airport ( which was an appalling hole, and a disgrace considering it was in the capital ), but from what I can gather, they lied to gain entry to the EU, wanted to do as little as possible in exchange for an apparently wonderful lifestyle, and all on other people's money. Then, when it all inevitably turned to poo, demonstrated to complain that they had to live in the real world, and think that other people's money should continue to be given to them so they could continue their apparently wonderful lifestyle.

 

Something is apparently rotten in Greece.

 

[Wake Up]

Went to Greece last year. Before leaving Italy by boat the Greek workers went on strike and the boat did not sail. Got to Greece later and saw all the protests in the street. Sad but the Greeks seem like they are entitled to a stress free noncompetitive life. Our tour guide bitched the entire time about austerity.  Saw the great old Greek sites and will not go back. You have to pay your bills. No more line of credit. One thing I like about Thailand is people work and do not expect a stress free easy life paid for by the government.  We all have good times and bad times and we all have to work and save or do without. So do the Greeks. Peace. 

[ilostmypassword]

The problem with all these critques about Greece is that there was no bailout of Greece. There was a bailout of the banks - particularly Deutsche Bank which would have gone under many times over so huge was its exposure. And if that were the case, most likely the German government would have had to pick up the tab. A bank is supposed to do due diligence. Deutsche Bank did not.

Most of Greek bailout money went to banks: study

Only 5 percent of international bailout money for Greece was used to kickstart the country's languid economy, a new study has found. The rest was used to pay back private creditors, many of which were banks.

Contrary to popular belief, the lion's share of the rescue money sent to Greece was used for debt repayments, interest payments, bank recapitalization and debt restructuring, ESMT President Jörg Rocholl told DW in an interview on Wednesday.

 

http://www.dw.com/en/most-of-greek-bailout-money-went-to-banks-study/a-19234391

[Sir Dude]

Greece, and a few other countries, should never have been allowed to join the EU when they did as they were financial basket cases with populations harbouring way unrealistic expectations. They joined because they lied and it was a political decision for a greater EU. The fascist bankers and Brussels are having none of it and they now own Greece. There should be no bail outs of banks, only a certain amount guaranteed by governments to individual savers that deposit money. Why do you think there are such aweful interest rates given now? It's because the banks no longer need peoples' deposits as they know the is QE and all sorts of rubbish now like easy money from the central bank.

 

They will be their own architects of destruction by letting the financial world and corporatism in general run wild in an attempt to hit political financial targets and an ever increasing GDP without upsetting the b(w)ankers...needs reigning in imo and it is simply not sustainable in the long term. Get ready for more unhappiness and protests like what we see here.

[boomerangutang]

Let the chips fall where they may.  If Greeks can't get their acts together, and they start slipping down the economic ladder, so be it.  Tough Souvilaki.  I say that for every country, including mine, the USA (which I'm more familiar with than Greece). 

 

Greeks seem to be doing similar things economically as the USA.  If it weren't for outside money, the US would be on an economic par with Argentina or Brazil.   When I say 'outside money' (in relation to the US) I'm referring mostly to foreign entities buying T-Bills.

 

 

[sirineou]

2 hours ago, ilostmypassword said:

The problem with all these critques about Greece is that there was no bailout of Greece. There was a bailout of the banks - particularly Deutsche Bank which would have gone under many times over so huge was its exposure. And if that were the case, most likely the German government would have had to pick up the tab. A bank is supposed to do due diligence. Deutsche Bank did not.

Most of Greek bailout money went to banks: study

Only 5 percent of international bailout money for Greece was used to kickstart the country's languid economy, a new study has found. The rest was used to pay back private creditors, many of which were banks.

Contrary to popular belief, the lion's share of the rescue money sent to Greece was used for debt repayments, interest payments, bank recapitalization and debt restructuring, ESMT President Jörg Rocholl told DW in an interview on Wednesday.

 

http://www.dw.com/en/most-of-greek-bailout-money-went-to-banks-study/a-19234391

 Thank you very much my friend , the only reasonable response in this thread so far.

So many people that have no idea what's going on but have a strong opinion. 

One person went there on a brief vacation, another transited there on a flight and all have an opinion.

  If one really wants to know about what happen there  "research Greece's Odious debt"

or simply research  the concept "Odious Debt" 

There is no doubt that Greece's political system and resulting economic structure needed reform. And in a way it might be a good thing that this thing happened because it forced the necessary reforms. 

Sometimes it takes home robbery for the homeowner to take the necessary security actions  , but that does not detract from the fact that the homeowner was robbed.

Greece had a "client political system" where politicians and the fat cats cultivated a base that kept them in power with gifts , while they raped the country.  The country was governed  by trinity of political families (Papandreou, Karamanlis and Mitsotakis families   ) who with a system of patronage destroyed Greece. http://www.businessinsider.com/greeces-political-dynasties-the-reason-for-the-crises-2011-7

other things to research is the role that Goldman Sachs played in masking such behaviour and how they profited by it , or the  The Siemens bribery scandal which was only one of many and the tip of the iceberg.

  All the people who profited from the above cursory description of the problem are living in luxury apartments in Paris, London, and New York , leaving Greece a basket case and the poor pensioners paying for it, whose average pension is 722 euros per month (you try living id europe on 722 euros) .

To add insult to injury this latest electronic foreclosure reform will allow the fatcats from   Paris, London  and New York to swoop down and buy Greece on penies on the dollat with their ill gotten profits without even having to leave the comfort of their poss  Park Avenue apartments.

 

PS: I realise that the above description is cursory at best, and that to accurately describe it  would take volumes, and a different venue than this. But I hope I made my point   , And don't think this political clientelism could not happen to you , I see evidence of it in My country of the US with Trump and with the rise of populism in many countries in Europe.

    

[ilostmypassword]

1 hour ago, Sir Dude said:

Greece, and a few other countries, should never have been allowed to join the EU when they did as they were financial basket cases with populations harbouring way unrealistic expectations. They joined because they lied and it was a political decision for a greater EU. The fascist bankers and Brussels are having none of it and they now own Greece. There should be no bail outs of banks, only a certain amount guaranteed by governments to individual savers that deposit money. Why do you think there are such aweful interest rates given now? It's because the banks no longer need peoples' deposits as they know the is QE and all sorts of rubbish now like easy money from the central bank.

 

They will be their own architects of destruction by letting the financial world and corporatism in general run wild in an attempt to hit political financial targets and an ever increasing GDP without upsetting the b(w)ankers...needs reigning in imo and it is simply not sustainable in the long term. Get ready for more unhappiness and protests like what we see here.

The problem wasn't Greece joining the EU. it was with Greece joining the Eurozone. That's when banks started massive lending to the Greeks. They figured correctly that if they ran into problems, the Eurozone members would have to step in and bail them out. It doesn't make sense to have a monetary union without fiscal union.

[Scott]

An offensive video has been removed.  

[bartender100]

There are only 11 million Greeks living there, how much have they had all together???? just give them all $100,000 each I am sure they would be happy