BERLIN (AFP) – The European Union could provide debt-ridden Greece with up to 25 billion euros (34 billion dollars) in aid, Monday's edition of the German magazine Der Spiegel says, citing suggestions from Germany's finance ministry.
The amount each country would contribute would be calculated according to its relative position in the European Central Bank, Der Spiegel explains.
Germany would therefore contribute nearly 20 percent of the potential aid package, the equivalent of up to five billion euros, which would be made up in part of loans and guarantees.
...
Greece is committed to reducing a public deficit of 12.7 percent of gross domestic product by four percentage points over the course of 2010. Countries in the single euro currency zone are subject to a three percent limit.
http://news.yahoo.com/s/afp/20100220...20100220221715
I wonder how long till the German taxpayer says enough is enough.
Cheat, cook the books, live on debt, pay ridiculous salaries in public sector and then come hat in hand. Too funny.
Meanwhile, Spain's prime minister is trying to cover his own behind:
Zapatero, whose government is also facing pressure in the markets to bring down its budget deficit, gave Papandreou support and said deficits across Europe would come down once the recovery from recession was firmly established.
"Of course we are going to reduce the deficits.....we are not going to fall in the trap of the ideas of those who have created the financial crisis," he said.
"The large majority (of Greeks) has no responsibility for what has happened, and much less Papandreou's government..it deserves the trust of European institutions, of the markets and he has the trust of all the European governments," Zapatero added.
http://news.yahoo.com/s/ap/20100219/...nancial_crisis
Yup, Greek voters hold no responsibility for electing politicians who promised them a free meal. Makes sense.
And while you would think THEY came to their senses and realized the party is over... Au contraire:
Customs workers have extended their strike against salary freezes and bonus cuts through next Wednesday, when unions across Greece will hold a general strike that is set to bring the country to a standstill.
Funny little world we live in.