Wednesday, 29 June 2011

Debtocracy, alternative view of Greek tragedy

Greece's parliament has just approved a five-year austerity plan with 155 votes in favour and 138 votes against. This will open the door to the next stage of the EU bail out, but the Greek tragedy is far from over.

The MPs voted through the package in the face of a general strike and a two days of rioting on the the streets of Athens.

Tomorrow they will focus on raising taxes to secure some 14bn euros over the next five years and introducing 14bn euros in public spending cuts.

To meet EU demands, Greece must sell 50bn euros-worth of public assets by 2014, almost 20 per cent of GDP. Public sector pay is being cut 15 per cent. It kind of puts Britain's economic situation in the shade and makes comparisons between tomorrow's public sector strikes in the UK and the pain being inflicted on the Greek public pretty spurious.

The UK media have Greece typified by early retirement, tax dodging and corruption. For an alternative view of how this is all impacting on ordinary people here's a link to the English language version of the Debtocracy documentary which has swept Greece in recent weeks.

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