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Papademos said "(t)he financial crisis in our country is not a passing storm....It will take many years" of greater worker sacrifices to assure bankers are paid.
In fact, the more wage, benefit, pension, and other cuts ordinary people bear, the weaker Greece's economy becomes from lost purchasing power with a working population heading toward serfdom in a nation no longer fit to live in.
Millions of Greeks are now impoverished. Unemployment approaches 20%. For youths between 15 and 24, it's nearly 50%. Years more imposed pain is planned to assure bankers are paid. As a result, expect Greece sooner or later to explode.
In addition, the more debt Greece assumes, the less it's able to service it, and faster it heads toward debt peonage. According to Michael Hudson, moreover, "(a) basic mathematical as well as political principle" explains that "(d)ebts that can't be paid, won't be."
In early December, unelected Italian Prime Minister Mario Monti (former EU official installed by Goldman Sachs, known to some as "three-card Monte") introduced his own austerity package.
To service Italy's $1.6 trillion debt, it includes attacking its social security pension system. In retirement, families depend on it. Nonetheless, retirement age eligibility will be raised to 66 from 58 by 2018, inflation-adjusted increases will end, and to qualify fully, workers must contribute from wages for 42 years.
In addition, value-added taxes will increase by 2%, and firing workers will be easier than ever. As in Greece, more cuts are planned, targeting workers to benefit bankers, other corporate favorites, and Italy's super-rich.
Portugal's new austerity cuts will see take-home pay down 27% since 2010. Its 2012 budget reduces spending by 4.4% of GDP by cutting healthcare and other benefits.
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