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"Greece is a "a breath away from ground zero", Prime Minister Lucas Papademos warned as he urged politicians to back an unpopular international bailout on Sunday that may have to be raised to €145bn to save the country from collapse."
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He told the nation in a televised address on Saturday that a rejection of the deal today would lead to “uncontrollable economic chaos and social explosion”.
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Thousands of protestors massed in Athens yesterday after the Greek cabinet approved the plans late on Friday night, while a general strike brought public transport to a halt in the capital.
More than 100 bankers at Royal Bank of Scotland were paid more than £1m last year and total bonus payouts reached nearly £1bn – even though the bailed-out bank reported losses of £1.1bn for 2010.
"I keep hearing comparisons between the London riots and riots in other European cities -- window smashing in Athens, or car bonfires in Paris. And there are parallels, to be sure: a spark set by police violence, a generation that feels forgotten."
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Argentina's mass looting was called El Saqueo -- the sacking. That was politically significant because it was the very same word used to describe what that country's elites had done by selling off the country's national assets in flagrantly corrupt privatization deals, hiding their money offshore, then passing on the bill to the people with a brutal austerity package. Argentines understood that the saqueo of the shopping centres would not have happened without the bigger saqueo of the country, and that the real gangsters were the ones in charge.
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This is the global Saqueo, a time of great taking. Fuelled by a pathological sense of entitlement, this looting has all been done with the lights left on, as if there was nothing at all to hide. There are some nagging fears, however. In early July, the Wall Street Journal, citing a new poll, reported that 94 per cent of millionaires were afraid of "violence in the streets." This, it turns out, was a reasonable fear.
"Global financial authorities launched an audacious package of measures in the early hours of Monday morning – including €720bn of government-backed loan guarantees and a commitment to buy European sovereign bonds – to combat rising financial market tensions triggered by worldwide fears over public finances."
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the European Central Bank announced it would intervene in government bond markets and join the US Federal Reserve and other main central banks in reactivating extra US dollar liquidity facilities.
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The emergency funding facility agreed between the European Union and the International Monetary Fund was worth as much as €720bn ($930bn, £625bn) in loan guarantees and credits to stabilise the eurozone.
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"Many readers of these articles have a comment that basically says “I know what problems we face, why aren’t you suggesting solutions?"
Neoliberal order reigns in the world. Stock markets are recovering from the crash in the fall of 2008. Private banks are no longer weighed down by bad loans that were added to public deficits. The latter were rising anyways because the economic crisis had sent tax revenues on a downward slide. Add further bailout money for financial companies and fiscal stimulus and you get a veritable fiscal crisis of the state.
"The impact of the economic crisis on housing in New York City has once again laid bare the nature of class relations that exist in America’s largest city and the capital of global finance."
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Thanks to the massive government bailout of the financial system, the city’s financial aristocracy is awash in bonuses and stock market profits. Wall Street dished out tens of billions in bonuses this past year, a record increase from the previous year. The Dow Jones Industrial Average recently rose above 11,000, reaching the highest point since September 2008, the month when Lehman Brothers collapsed.
أشارت احصاءات صدرت اليوم الجمعة أن دخول الشريحة الأعلى دخلا في فرنسا ارتفعت بوتيرة أسرع من المتوسط في الأعوام الثلاثة حتى 2007 مما يذكي الجدل الدائر حول الاعفاءات الضريبية للأغنياء.
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قال المكتب "زاد فقر السكان بشكل عام مقارنة بأصحاب الدخول شديدة الارتفاع الذين حققوا زيادة كبيرة في متوسط دخلهم."
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وأضاف أنه بين عامي 2004 و2007 شهدت نسبة الواحد في المئة الأعلى دخلا بين السكان ارتفاعا في نصيبها من الدخل الإجمالي بنسبة 9.1 في المئة بينما تراجع نصيب 90 في المئة من السكان 0.9 في المئة.
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This article looks at the recent protests in Greece, including the challenges that have been faced like the bureaucratised unions.
The Obama administration is spearheading an unprecedented assault on public education in the US. The White House and Education Secretary Arne Duncan are promoting a nationwide wave of school closures, teacher and staff layoffs, attacks on teachers’ wages and conditions, and an expansion of privately run charter schools—all in the guise of education “reform.”
Tensions are high in Indonesia as it appeared that a months-long investigation into the $700 million bailout of Bank Century will end without prosecution of the country's finance minister and vice president.
"Barclays could reignite a row over bankers' bonuses next week when it reports record profits of more than £11bn and reveals bonuses of at least £2.3bn or more to its 23,000 investment bankers."
"The public and the politicians have been outraged at the bonuses the recently bailed out banks have decided to pay themselves. In the United States, bankers are now held in lower esteem than politicians."
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