Greek Parliament Approves Bailout Requirements

Via USA Today:

After protesters clashed with police outside, Greece’s parliament accepted harsh terms early Thursday to receive nearly $100 billion in the country’s third bailout in five years.

To pass the measures and avoid economic collapse without a financial rescue, Prime Minister Alexis Tsipras was forced to cobble together enough support from opposition parties because his own ruling party opposed the plan.

The vote — cast about two hours after the midnight Wednesday deadline — will allow Athens to receive a financial lifeline from its international creditors, but comes at a significant cost of higher taxes, deep cuts in pensions and other government benefits and the sale of most state assets.

The measure passed after at least 10 separate protests and a general strike crippled the Greek capital Wednesday as demonstrators called for the government to reject the new rescue package or try to renegotiate for better terms from international creditors that include the European Central Bank, eurozone governments and the International Monetary Fund.


It would be nice to think that this will provide a lesson for other countries and states that are heading in the same general direction. California, for example, is about to hit a “painful pension reform or enjoy the cliff” point in the very near future. Mrs. Thatcher’s “other people’s money” warning is rarely heeded but always comes true. And, as we have seen, hell hath no fury like spoiled welfare state brats who have just had their taxpayer funded goodies taken away.


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