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Greece's working class faces impoverished neoserfdom. Those on pensions have less than ever to survive on, and the nation's youths have no futures.
As a result, violent protests erupted. Police thugs clashed with people demanding justice. Dozens of buildings burned.
Banker appointed prime minister Lucas Padademos, a former ECB vice president, lied saying "living standards of Greeks would collapse and the country would be dragged into a spiral of recession, instability, unemployment and misery" unless predatory cuts are made.
He lied again claiming pernicious austerity measures will "restore the fiscal stability and global competitiveness of the economy, which will return to growth, probably in the second half of 2013."
In fact, under crisis conditions, Greece's economy is dying. In December, manufacturing plunged 15.5% year-over-year. Industrial output sank 11.3%. Unemployment topped 20%. Youth joblessness approaches 50%, and suicides doubled since economic decline began.
As a result, capital flight's increasing. People are voting with their feet and leaving. Those remaining face hospitals short of medicines, unprecedented homelessness and hunger, schools without basic supplies, and imagine what's coming when new cuts are implemented.
Moreover, bankers demand more. So far, mandated wealth confiscation alone is their only excluded diktat, but it's happening incrementally. Under systematic sacking, Greece's life force is dying in meltdown.
It desperately needs Argentina's solution. Nothing else offers hope. In December 2001, facing economic collapse, Buenos Aires halted all debt payments to domestic and foreign creditors.
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