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Eurointelligence Daily Briefing: Greece votes not to default this summer
Greek parliament votes 155 to 138 for austerity package, and is expected to approve implementation bill today;financial markets still expect Greece to default eventually, amid doubts that the government will implement the programme;the additional annual burden for an average Greek family will be in the order of one month's salary;violent protests erupted in the centre of Athens after the vote; Michael Martens argues that Greece is going to remain a limited democracy for some time to come;central banks extend dollar swap lines as an insurance policy in case of a Greek default;Jürgen Stark tells Die Zeit that any Brady-plan element in a rollover package would contravene the Art.125 TFEU;Germany may include longer-dating Greek debt instruments in the rollover package;Merkel and Ackermann clash over the pretence of a "voluntary" rollover;the Italian cabinet is due to pass a €47bn four-year austerity plan, with most of the savings earmarked for the time after the next elections;Nicolas Sarkozy appoints budget minister Francois Baroin as France's new finance minister;a French legal commission will decide on July 8 whether the Christine Lagarde will be prosecuted;Le Monde calls on Lagarde to emancipate herself from Sarkozy;Patrick Welter criticises the direction the IMF had taken under DSK;the European Commission, meanwhile, proposes a 1% sales tax and a financial transaction levy to boost its own resources.
(My emphasis)

Economics is politics by other means
by Carrie (migeru at eurotrib dot com) on Thu Jun 30th, 2011 at 02:57:38 AM EST

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