Auditors from the European Union and the International Monetary Fund checked the books in work-out sessions on central bank bailout loans totaling $155 billion under terms of austerity that have led to deep cuts in health care provision. They have persuaded the Socialist government to sell off such public assets as telecommunications infrastructure, seaports, government-run banks, and hospitals.
Public reaction in opposition has been swift and violent.
Protesters organized through social networking sites such as Facebook and Twitter will again descend on the downtown area in similar demonstrations inspired by economic events in Spain, where the central bank has come close to defaulting on full faith and credit arrangements. World bank and European Union officials have worked overtime to prevent a collapse of the Euro and the central banks of Portugal, Ireland, Greece and Spain (PIGS).
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