Prime Minister Papademos, Finance Minister Venizelos, and Greek Bank Governor Provopoulos are expected to sign a draft agreement to secure a $172 billion dollar rescue plan desperately needed by the insolvent country. However a couple of stipulations in the document are sure to create backlash, specifically the large cut to the minimum wage and the loss of 15,000 public sector jobs.
From Businessweek:
Greece will pledge permanent spending cuts, including lower pension payments and a 20 percent reduction in the minimum wage, as the economy contracts this year at a faster pace than originally estimated, according to the draft of a new financing deal with the European Union and International Monetary Fund.
“To restore competitiveness and growth, we will accelerate implementation of deep structural reforms in the labor, product and service markets,” according to the letter of intent addressed to IMF Managing Director Christine Lagarde in a document obtained by Bloomberg News.
The reforms outlined in the draft, which include trimming state wages, cutting 15,000 public sector employees this year and merging all auxiliary pension funds, will help Greece return to growth in the first half of next year, according to the document.
At least tomorrow’s “Angry Street Parade of Violence” should proceed on schedule…
via Greece to Pledge 20% Cut in Minimum Wage, Draft Accord Shows – Businessweek.
Helloooooo? Aneebodee home?Nope.Y’all gotta be thare if’n y’all is sayin’ nope.Nope.Y’all ain’t comin’ out?Nope.Wahl, wassup? Gotza bad feeiln’ like thare’s gonna be a chain-react-shun. Ain’t fownd no-bodee can say whassup.Wahl, it ain’t us’n folksies. We ain’t home.Y’all is shittin’. Y’all is home if’n y’all is a’callin’ backs-to-me.We be uh-echo.Lordy. Ain’t so. Y’all ain’t sayin’ waht I do be sayin’.Lordy Ain’t so. Y’all ain’t sayin’ waht I do be sayin’.Do-be-jesus. I gotta gut-feeiln’ this’n is it.Do-be-jesus. I gotta gut-feeiln’ this’n is it.Shut yur pie-trap.Shut yur pie-trap.Dangdabbit. I be off to the Otis’s. Gonna crack uh Bud with my stew.
The next enemy of the NWO, you know, will be extra-terrestrial in nature. There is evecinde to that fact.Why? Because, once you have the entire world under control and there are no longer any nations pitted against each other, the enemy has to come from outside, hence E.T.’s.Don’t forget: An enemy is always needed to launch us into spending sprees fighting it (aka DEBT).