Friday, October 21, 2011

Greek Govt. Approves a Tough New Austerity Plan; Cuts Wages and Pensions, Lays Off Govt. Workers

The Daily Beast website reports today (October 21, 2011) that Greece's Socialist Party -- unfazed by massive protests during the past several days -- has approved a tough new austerity plan required for the country to receive the next installment of the European Union's bailout.

The new plan cuts wages and pensions, lays off public sector workers, and changes the collective bargaining rules to make it easier to hire and fire employees.

A lone Socialist opposed the vote and was expelled from the party.

Greek Prime Minister George Papandreou recently said Greece will become bankrupt by mid-November, unless it receives several billion Euros from the European Union and the International Monetary Fund.

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