Economy

xchrom

(108,903 posts)

35. Political resignations and general strikes hit Greece

Sat Feb 11, 2012, 09:23 AM

Feb 2012

http://latimesblogs.latimes.com/world_now/2012/02/greece-austerity-general-strike-cabinet-resignations.html

http://latimesblogs.latimes.com/.a/6a00d8341c630a53ef0168e71d6379970c-600wi

REPORTING FROM ATHENS -– Greece's precarious financial and political situation was shaken further Friday by a nationwide strike and a wave of Cabinet resignations over demands by the European Union for ever-deeper spending cuts.

Four Cabinet members -– two Socialists and two far-right conservatives -- quit their posts in protest over the demands. Their exit forced Prime Minister Lucas Papademos to consider an urgent reshuffle to stanch the tide of defections ahead of a crucial parliamentary vote on the austerity measures, scheduled for Sunday.

On Thursday, after weeks of tortuous negotiations, Greek political leaders announced that they had agreed on harsh austerity measures, only to be told by EU finance ministers hours later that the measures were not enough for Athens to secure a second international bailout to avoid bankruptcy.

George Karatzaferis, the leader of the far right LAOS party and a minority partner in the coalition government, said Friday he was retracting his initial support for the new spending cuts following the “humiliating” treatment Greece received from its European peers.

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