Index.php

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There are wonders aplenty in this life, and mostly in the mundane. Sometimes these wonders creep up on us and surprise us. Sometimes these wonders prove to us that God is in and about and alive through all life.
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The Greek PM has warned the nation of a collapse in living standards if MPs fail to pass an unpopular austerity bill demanded in return for a 130bn-euro ($170bn; �110bn) bailout.
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Recently I was reminded that ordinary Aussie adventures do occur, when we least expect them.
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In a TV address, Lucas Papademos said Greece was "just a breath away from Ground Zero".
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HOW THE STORY GOES...
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The cabinet has approved the measures but five government ministers resigned.
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Cycling home from work is usually mundane exercise, but not this day. As I peddled, approaching a stop sign, I noticed the car ahead of me with a flat tyre. I tapped on the driver's window, and, feeling a little creepy, reported the situation to the young lady driving. Noticing there were no men aboard, I offered to change the tyre for them.
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Unions are holding a 48-hour strike, and thousands of protesters rallied in central Athens against the measures.
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Pretty standard story thus far...
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Riot police were on standby after clashes on Friday, but the demonstrations were mostly peaceful.
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It took a few minutes for the two young women - German backpackers, Jo and Catherine - to unload their luggage compartment so I could access the spare wheel. Then we found there was no wheel brace. This is when the story gets interesting.
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The austerity measures are being demanded by the eurozone and IMF - they must now be passed by the Greek parliament and approved by European finance ministers.
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An Australia Post courier drives past and I flag her down; she looks in the back of her van, but no wheel brace was found. She was very courteous; almost apologetic. A man drives past in a four-wheel-drive; he checks his wheel brace and doesn't know where to look; we can't help each other, but he is civil. The next car stopped is a small Hyundai with three women inside. The driver ruffles through her luggage compartment and finds a wheel brace, but it doesn't fit the Honda wheel nuts. She blesses us and then leaves. Then, as Catherine and Jo and I talk, Simon arrives, distinctive in his dreadlocks. He is ready to help. However, he checks his car - a Toyota SUV - and it lacks one wheel brace! "Good to know this," he says. Then I call my workplace and Jim, the storeman, agrees to bring some tools. He arrives in a matter of minutes and we have the tyre changed just as quick. But the spare tyre is the wrong one; it's a steel rim, not an alloy wheel like the one that has just been changed. But we do get it to fit good enough to drive a short distance. Soon enough Jim follows Jo and Catherine in getting the tyre fixed.
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Some MPs from the governing parties are expected to vote against the bill, the BBC's Mark Lowen in Athens reports.
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MORALS TO THIS STORY
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But analysts say the package should still have enough support in parliament, because Pasok, the largest party, and its coalition ally New Democracy account for more than 230 deputies out of a total of 300.
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Catastrophe fear
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These are the things I was reminded of in this everyday Aussie adventure:
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Mr Papademos said the measures would "decide the country's future" and enable it to stay inside the euro.
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Continue reading the main story
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What went wrong in Greece?
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1. Don't assume people don't want to help. Every single person we stopped was courteous and understanding; each felt bad that they couldn't help. God restored our faith in helpful humanity.
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An old drachma note and a euro note
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    Greece's economic reforms, which led to it abandoning the drachma as its currency in favour of the euro in 2002, made it easier for the country to borrow money.
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2. These are divine appointments. I would not have even met Jo, Catherine or Simon at all if it hadn't have been for this unfortunate event.
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The opening ceremony at the Athens Olympics
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    Greece went on a big, debt-funded spending spree, including paying for high-profile projects such as the 2004 Athens Olympics, which went well over its budget.
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3. The most practical reminder is the need for a wheel brace for when we have a need to change a flat tyre. It's a good idea we are prepared.
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A defunct restaurant for sale in central Athens
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    The country was hit by the downturn, which meant it had to spend more on benefits and received less in taxes. There were also doubts about the accuracy of its economic statistics.
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***
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A man with a bag of coins walks past the headquarters of the Bank of Greece
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    Greece's economic problems meant lenders started charging higher interest rates to lend it money. Widespread tax evasion also hit the government's coffers.
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There is plenty of good news in the world if we will only look to see it, just as there are plenty of good people. God, help us notice the good and these good people as we traverse our days, AMEN.
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Workers in a rally led by the PAME union in Athens on 22 April 2010
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    There have been demonstrations against the government's austerity measures to deal with its debt, such as cuts to public sector pay and pensions, reduced benefits and increased taxes.
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Greek Prime Minister George Papandreou at an EU summit in Brussels on 26 March 2010
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    The EU, IMF and European Central Bank agreed 229bn euros ($300bn; �190bn) of rescue loans for Greece. Prime Minister George Papandreou quit in November 2011 after trying to call a referendum.
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Greece's problems have made investors nervous, which has made it more expensive for other European countries such as Portugal to borrow money.
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    Eurozone leaders are worried that if Greece were to default, and even leave the euro, it would cause a major financial crisis that could spread to much bigger economies such as Italy and Spain.
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Lucas Papademos
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    Under Prime Minister Lucas Papademos, Greece is trying to negotiate a big write-off of private debts and secure a second bail-out of 130bn euros ($170bn, �80bn) before a 20 March deadline.
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"The social cost of this programme is limited in comparison with the economic and social catastrophe that would follow if we didn't adopt it," he said.
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Savings would be lost, the government would be unable to pay wages or salaries, and imports of fuel, medicine and machinery would be disrupted, he added.
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Earlier, Greek conservative leader Antonis Samaras said all his party's MPs must vote in favour of the bailout law.
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Mr Samaras, whose New Democracy party is a member of the governing coalition, said any rebels would face being dropped as parliamentary candidates.
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Deputy Foreign Minister Mariliza Xenogiannakopoulou, who quit on Friday afternoon, is the most senior defection so far.
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Her Pasok party, the largest in the coalition, also suffered the loss of a deputy labour minister on Thursday.
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The austerity cuts include:
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    * 15,000 public-sector job cuts
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    * liberalisation of labour laws
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    * lowering the minimum wage by 20% from 751 euros a month to 600 euros
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    * negotiating a debt write-off with banks.
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These were presented to a eurozone ministers in Brussels on Thursday evening.
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But they want a further 325m euros in savings for this year and also insist that Greek leaders give "strong political assurances" on the implementation of the packages.

Revision as of 05:42, 15 January 2013

The Greek PM has warned the nation of a collapse in living standards if MPs fail to pass an unpopular austerity bill demanded in return for a 130bn-euro ($170bn; �110bn) bailout.

In a TV address, Lucas Papademos said Greece was "just a breath away from Ground Zero".

The cabinet has approved the measures but five government ministers resigned.

Unions are holding a 48-hour strike, and thousands of protesters rallied in central Athens against the measures.

Riot police were on standby after clashes on Friday, but the demonstrations were mostly peaceful.

The austerity measures are being demanded by the eurozone and IMF - they must now be passed by the Greek parliament and approved by European finance ministers.

Some MPs from the governing parties are expected to vote against the bill, the BBC's Mark Lowen in Athens reports.

But analysts say the package should still have enough support in parliament, because Pasok, the largest party, and its coalition ally New Democracy account for more than 230 deputies out of a total of 300. Catastrophe fear

Mr Papademos said the measures would "decide the country's future" and enable it to stay inside the euro. Continue reading the main story What went wrong in Greece?

An old drachma note and a euro note 

   Greece's economic reforms, which led to it abandoning the drachma as its currency in favour of the euro in 2002, made it easier for the country to borrow money.

The opening ceremony at the Athens Olympics 

   Greece went on a big, debt-funded spending spree, including paying for high-profile projects such as the 2004 Athens Olympics, which went well over its budget.

A defunct restaurant for sale in central Athens 

   The country was hit by the downturn, which meant it had to spend more on benefits and received less in taxes. There were also doubts about the accuracy of its economic statistics.

A man with a bag of coins walks past the headquarters of the Bank of Greece 

   Greece's economic problems meant lenders started charging higher interest rates to lend it money. Widespread tax evasion also hit the government's coffers.

Workers in a rally led by the PAME union in Athens on 22 April 2010 

   There have been demonstrations against the government's austerity measures to deal with its debt, such as cuts to public sector pay and pensions, reduced benefits and increased taxes.

Greek Prime Minister George Papandreou at an EU summit in Brussels on 26 March 2010 

   The EU, IMF and European Central Bank agreed 229bn euros ($300bn; �190bn) of rescue loans for Greece. Prime Minister George Papandreou quit in November 2011 after trying to call a referendum.

Greece's problems have made investors nervous, which has made it more expensive for other European countries such as Portugal to borrow money. 

   Eurozone leaders are worried that if Greece were to default, and even leave the euro, it would cause a major financial crisis that could spread to much bigger economies such as Italy and Spain.

Lucas Papademos 

   Under Prime Minister Lucas Papademos, Greece is trying to negotiate a big write-off of private debts and secure a second bail-out of 130bn euros ($170bn, �80bn) before a 20 March deadline.

BACK 1 of 8 NEXT

"The social cost of this programme is limited in comparison with the economic and social catastrophe that would follow if we didn't adopt it," he said.

Savings would be lost, the government would be unable to pay wages or salaries, and imports of fuel, medicine and machinery would be disrupted, he added.

Earlier, Greek conservative leader Antonis Samaras said all his party's MPs must vote in favour of the bailout law.

Mr Samaras, whose New Democracy party is a member of the governing coalition, said any rebels would face being dropped as parliamentary candidates.

Deputy Foreign Minister Mariliza Xenogiannakopoulou, who quit on Friday afternoon, is the most senior defection so far.

Her Pasok party, the largest in the coalition, also suffered the loss of a deputy labour minister on Thursday.

The austerity cuts include: 

   * 15,000 public-sector job cuts
   * liberalisation of labour laws
   * lowering the minimum wage by 20% from 751 euros a month to 600 euros
   * negotiating a debt write-off with banks.

These were presented to a eurozone ministers in Brussels on Thursday evening.

But they want a further 325m euros in savings for this year and also insist that Greek leaders give "strong political assurances" on the implementation of the packages.

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