Wednesday, May 12, 2010

The Greek "crises" is just more class warfare

Even the friggin' Kaplan Post agrees.
Europe rewrites its rule book in creating fund to contain financial crisis
By Howard Schneider Washington Post Staff Writer 
Tuesday, May 11, 2010
ATHENS -- The massive emergency fund assembled to defend the value of the euro is backed by a political gamble with an uncertain outcome: that European governments will rewrite a post-World War II social contract that has been generous to workers and retirees but has become increasingly unaffordable for an aging population.
The trillion-dollar program, to be underwritten largely by the 16 nations that use the euro and by the International Monetary Fund, represents a virtual discarding of Europe's rule book.
Under the rescue unveiled early Monday, governments that broke the currency union's spending restrictions are being offered a commitment of solidarity, with weak links such as Greece and Portugal supported by the creditworthiness of Germany's strong economy. more

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