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[NEWS] Greek Drama


MONDAY

The News Germany, Europe’s largest economy and the most important — and most reluctant — partner in trying to help Greece forestall a financial meltdown, agreed to lend it up to $30 billion over three years, part of an international bailout package negotiated over the weekend.
The European Central Bank said it would accept Greek bonds as collateral regardless of any credit downgrades.
Behind the News The moves cleared up some lingering uncertainty over the bailout and relieved some of the upward pressure on the interest rates Greece had to pay.

TUESDAY

The News Public employees began striking in protest against pay and spending cuts proposed by the government of Prime Minister George Papandreou to stave off default, reassure investors and win backing for the bailout.
Behind the News The high cost and low productivity of Greece’s vast public sector, which employs one-third of the labor force and until recently guaranteed jobs for life, were major factors leading to the financial crisis. It was touched off in late 2009 when the deficit was revealed to be a crippling 12.7 percent of gross domestic product, more than triple what had been forecast.

WEDNESDAY

The News A mass demonstration in central Athens turned ugly when violent protestors clashed with police, tried to storm the Parliament and firebombed a bank where 20 people were trapped inside; three died.
Behind the News The deaths shocked many in Greece, where demonstrations have been a way of life for decades and helped end military rule in 1974. The new unrest alarmed investors and threatened to polarize Greek society — or to galvanize it to take difficult but needed steps. “A demonstration is one thing and murder is quite another,” the prime minister told Parliament.

THURSDAY

The News The Greek Parliament adopted austerity measures worth about $38 billion through 2012, including cuts in pay and tighter retirement rules for public employees and higher taxes on alcohol and cigarettes.
Behind the News “We have done what was necessary, not what was easy,” said the finance minister. An opponent countered, “The dose of the medicine you are administering is in danger of killing the patient.”
Fears that the trouble would spread and hobble the global economic recovery contributed to sharp falls in stock indexes and the value of the euro.

FRIDAY

The News At an emergency summit in Brussels, leaders of the 16 countries that share the euro completed a rescue package for Greece worth 110 billion euros ($148 billion) over three years, combining loans from European nations and the International Monetary Fund.
Behind the News Angela Merkel, the German chancellor, warned before the meeting that if the union’s members did not cooperate to address Greece’s troubles, “the markets will think we’re unable to act.” Now on Europe’s agenda: proposals for tougher fiscal rules for euro countries, to head off future Greece-style crises.

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