Greek Austerity to Be Enforced German-Style

By:  Bob Adelmann
07/05/2011
       
Greek Austerity to Be Enforced German-Style

Eurogroup President Jean-Claude Juncker said in an interview over the weekend that the austerity measures being imposed on Greece in exchange for additional bail-out funding from the IMF will result in “the sovereignty of Greece [being] massively limited. ” He added, “One cannot be allowed to insult the Greeks. But one has to help them. They have said they are ready to accept expertise from the euro zone.”

Although the average Greek citizen has no interest whatsoever in such austerity measures being imposed on him by outsiders (recent polls show 80 percent opposed), the socialist-controlled parliament, headed by President George Papandreou of the Panhellenic Socialist Movement, has agreed to accept such intervention in order to obtain funds sufficient for the country to avoid default, at least for the time being. Those measures include higher taxes and much tighter enforcement of tax collection measures, as well as selling off major publicly owned properties in order to raise $8 billion by the end of the year.

Eurogroup President Jean-Claude Juncker said in an interview over the weekend that the austerity measures being imposed on Greece in exchange for additional bail-out funding from the IMF will result in “the sovereignty of Greece [being] massively limited. ” He added, “One cannot be allowed to insult the Greeks. But one has to help them. They have said they are ready to accept expertise from the euro zone.”

Although the average Greek citizen has no interest whatsoever in such austerity measures being imposed on him by outsiders (recent polls show 80 percent opposed), the socialist-controlled parliament, headed by President George Papandreou of the Panhellenic Socialist Movement, has agreed to accept such intervention in order to obtain funds sufficient for the country to avoid default, at least for the time being. Those measures include higher taxes and much tighter enforcement of tax collection measures, as well as selling off major publicly owned properties in order to raise $8 billion by the end of the year.

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Photo of Jean-Claude Juncker (front) and George Papandreou: AP Images

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