Wednesday, June 29, 2011

If You Fool Me 7 Times Or More...

ATHENS, Greece — Greece's lawmakers have approved a key austerity bill, paving the way for the country to get its next vital bailout loans that will prevent it from defaulting next month.

The unpopular euro28 billion ($40 billion) five-year package of spending cuts and tax hikes was backed by a majority of the 300-member parliament Wednesday, including Socialist deputy Alexandros Athanassiadis, who had previously vowed to vote against.

The European Union and International Monetary Fund have demanded the austerity measures pass before they approve the release of a euro12 billion loan installment from last year's rescue package.

Without those funds, Greece would be facing a default by the middle of July.
BOLD PREDICTION: This most recent austerity plan will make their economy worse, just like the last austerity plan did, and just like every austerity plan in the history of time has done.

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