greece on par with iraq

Emergency bailout plan for Greece: A new stage in world economic crisis

12 April 2010


In part reads...



At the same time, the Fitch rating agency cut Greeces long-term foreign and local currency ratings to BBB- from BBB+. It also slashed its credit rating for five banks, including the National Bank of Greece. According to one commentator, the downgrading of Greece on international money markets now puts it on a par with Iraq.



The fact is, however, that all European nations, including the biggest economies, Germany and France, are saddled with huge state debts and are seeking to impose their own harsh austerity programs in order to recoup the huge sums spent bailing out their respective banking systems. The banks, which received trillions in public funds, are now dictating the terms by which the European working class is to pay for the crisis.

The emergency plan for Greece will bring no relief to the working population. A similar EU-IMF plan has already been imposed on the small EU member state of Latvia. The Latvian government has imposed the harshest austerity program in Europe, consisting of cuts amounting to ten percent of the country's gross domestic product. The state has slashed the wages of public servants by up to 45 percent, raised taxes, cut pensions and child allowances, and now has the highest level of unemployment in Europe at over 20 percent.


http://www.wsws.org/articles/2010/apr2010/pers-a12.shtml


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