THE NATION– When he was elected prime minister in 2009 at the head of Greece’s Panhellenic Socialist Movement (PaSoK), George Papandreou was going to wipe out corruption, open up politics, rejuvenate the country’s sclerotic economy. “There is money,” he said then, although he must have known there wasn’t any in the public coffers. Less than two years later, he has allowed the “troika” of the European Commission, the European Central Bank (ECB) and the International Monetary Fund to bind him on the horns of an impossible dilemma: either the Greek government implements a second round of austerity measures more savage than any yet endured by a developed country, with deeper cuts and tax hikes and a wholesale, cut-price sell-off of its public assets, or Greece faces default on its sovereign debt and imminent bankruptcy.

Parliament is preparing to vote on the new measures, which are opposed by more than 70 percent of the population. Trade unions have begun a two-day general strike; around Syntagma Square, small bands of agitators in face masks and hoodies—the so-called “known unknowns”—clash with riot police. Choked by clouds of tear gas, thousands of peaceful demonstrators are trying to hold their ground.

Since the end of May, Syntagma has overflowed with Greece’saganaktismenoi (cousins of the indignados who filled Spanish squares this spring), here to refuse the troika’s blackmail and demand their democracy back. The crowd has been huge, politically diverse and overwhelmingly nonviolent. There are people here from all walks of Greek society; at times the rhetoric is that of a national resistance. A neat elderly couple on their first demonstration push through the crush because their pensions have been slashed, prices are rising and they just can’t make ends meet. Vassilis Papadopoulos, a 50-year-old unemployed truck driver living on loans from his mother, has come all the way from Corinth wrapped in a giant Greek flag, with a look of despair in his eyes and saucepans to bang together. This is a movement, he says, against the political system:

“They’ve all cheated us. They destroyed the banks, our pension funds. They invested our social security money in bonds for their own benefit.” Farther down, in the square itself, something entirely new seems to be taking shape: a liberated zone in which an open conversation has been going on for weeks. University professors, passers-by, unemployed laborers, all get their three minutes with the microphone. There’s a medical tent, a “time bank,” a “team to promote calm.” When riot police cleared the square with clubs on the night of June 15, these protesters didn’t fight. They simply walked right back, picked up the rubbish and repaired their neighborhood.

Read full article about Greece In Debt, Eurozone In Crisis.

© 2011 The Nation Magazine

Photo by Flickr user Christina Kekka

TRUTHOUT– It’s not enough that Michigan’s Republican Gov. Rick Snyder took away basic democratic rights of cities and towns by imposing a “financial martial law” that can virtually abolish a local government in favor of an unelected Snyder appointee.

Now, extremists in the state are pushing for passage of a so-called right to work law that would limit the ability of the workers to maintain or attain the middle class. A new study by University of Michigan research scientist Roland Zullo illustrates how such a law would be bad economics for working families. Despite supporters’ claims, “right to work” (RTW) is a misnomer—”it has nothing to do with the right of a person to seek and accept gainful employment,” writes Zullo. Further, the law would not fix Michigan’s economic woes.

“Like Michigan, nearly every state in the union has lost manufacturing jobs over the last six to eight years… Our economic problems in Michigan are due primarily to the woes in the auto industry, which RTW would not fix. When making location decisions businesses rate factors such as the quality of the regional workforce, the regulatory environment, and tax incentives before ever considering RTW laws.”

Read the full article about Michigan Attacks Workers After Gutting Democracy.

© 2011 Truthout

Photo by Flickr user Rochelle

ALMASRYALYOUM– The government has declined a loan from the World Bank because it found the terms of the loan incompatible with the national interest, Egyptian Minister of Planning and International Cooperation Fayza Abul Naga said on Monday.

The minister added that the government would not accept conditions dictated by the World Bank or the International Monetary Fund, especially since the 18-day uprising that toppled former President Hosni Mubarak.

However, Abul Naga said the Saudi government has granted Egypt a loan of US$200 million to be directed to small and medium enterprises.

Last week, The Wall Street Journal said Egypt was wary of the United States’ recent offer of financial support, doubting possible ulterior motives behind it.

Read more about Egypt Declines World Bank Loan.

© 2011 ALMASRYALYOUM

Photo by Flickr user Acameronhuff

THE ATLANTIC WIRE– We were joking when we wrote that McDonalds was singlehandedly reviving the U.S. economy by hiring 62,000 employees in a single day in April. At the time, it didn’t feel like the recovery hinged on the creation of low-paying, temporary McJobs. Well, on the heels of today’s pessimistic report saying that just 54,000 jobs were added in May, the fast food chain’s effect on the economy is looking impressive to MarketWatch:

McDonald’s ran a big hiring day on April 19 — after the Labor Department’s April survey for the payrolls report was conducted — in which 62,000 jobs were added. That’s not a net number, of course, and seasonal adjustment will reduce the Hamburglar impact on payrolls. (In simpler terms — restaurants always staff up for the summer; the Labor Department makes allowance for this effect.) Morgan Stanley estimates McDonald’s hiring will boost the overall number by 25,000 to 30,000. The Labor Department won’t detail an exact McDonald’s figure — they won’t identify any company they survey — but there will be data in the report to give a rough estimate.

Read more about McDonald’s Could Account for Half of May’s Job Growth.

© 2011 The Atlantic Wire

Photo by Flickr user thms

RT– The Bilderberg Group, an invitation-only meeting of the world’s most powerful people, is taking place in Switzerland. Just what the political insiders, media moguls and industry magnates will actually discuss, remains top secret.

­This year the Bilderberg Group has occupied the grand Suvretta House Hotel among the magnificent hills and lakes of St. Moritz resort, Switzerland. The world’s most powerful group of some 150 will be meeting there behind closed doors to discuss whatever they need to in the next few days and, perhaps, carry out decisions that will determine the future of the whole world.

Bilderberg attendees of the past include kings, presidents, captains of industry and heads of the world’s most powerful corporations. Rumors have been spread of Juan Carlos I of Spain, Queen Beatrix of the Netherlands and board members from IBM, Royal Dutch Shell, and Nokia having attended the Bilderberg Group meetings. Various officials and politicians such as Greek Prime Minister Kostas Karamanlis, European Commission head Jose Manuel Barroso and US Treasury Secretary Timothy Geithner have also been claimed to be on the participants’ lists.

Still, there is little media coverage of the group: official lists of participants are not revealed, neither is the agenda publicized. Press releases are not expected to be issued after the meeting.

Since the 1950s, when the group started, there has been much speculation regarding the purposes and possible agendas of the meetings. The group has been accused of plans to crop 80 per cent of the world’s population, of masterminding the global financial crisis of 2008–2010, or even secretly coming up with the original plan to implement the euro.

A dedicated Bilderberg Group watcher Jim Tucker believes this year’s meeting will focus on the Arab Spring. He thinks that the group will want to create a mastermind behind the conflicts in Arab countries to protect Israel. Tucker expects the group to try to prolong the war in Libya, but the increasing opposition to it in the US Congress might curb their plans.  

Dominique Strauss-Kahn and the IMF head’s succession will be another topic of the Bilderberg Group this year, Tucker thinks.

© 2011 RT

Photo by Flickr user Sheraton Hotels and Resorts