Zapiro's Blog, page 66
June 25, 2012
June 24, 2012
June 23, 2012
June 21, 2012
120621mg
Zapiro cartoon 120621mg
Mail & Guardian
21 June 2012
EURO 2012: Germany vs Greece - The Pre-Game formalities
Zapiro cartoon on the eve of Germany vs Greece at Euro 2012 and on Germany's stronghold on Greece concerning its bailout conditions. Last weekend's Greek election was viewed as a make or break moment for the eurozone. The anti-austerity party Syriza, who were successful in the lection held in May 2012 promised lead to Greece leaving the euro. This time round the pro-bailout party, New Democracy led by Antonis Samaras gained the majority. The cost for Greece of the bailout under pressure from the lenders in Europe and in particular Germany is for Greece to commit to large spending cuts, reduced public sector salaries and a severe austerity programme.
Greece's debt increased following years of living beyond its means; public spending soared with public sector wages doubling in the last 10 years. As the government increased its spending, tax income decreased due to widespread tax evasion. The Greek government was granted a €110bn bailout in May 2010 from the International Monetary Fund, European Union and European Commission, collectively known as the troika. This was not enough for Greece to keep up with its debts and another €109bn bailout was agreed in July 2011. Much of the bailout cash was used on Greece's running costs, including wages for its massive public sector, which accounts for around 40pc of the total economy. However, €1bn of the most recent tranche of bailout cash was recently withheld as EU leaders were concerned by the failure to form a government. At the time of the previous bailout, the political leaders in Greece pledged to slash Greece's budget deficit through a programme of spending cuts and tax reforms.
Sport / Football / Greece / Germany / Euro 2012 / Euro crisis / Greek crisis / German stronghold / Bailout conditions
Angela Merkel / Antonis Samaras
Germany v Greece: A real Euro stress test - The eurozone crisis has brought relations between Germany and Greece – fraught at the best of times – to a new low. Tonight they will have it out: on the football pitch. Will they play nicely? Independent writers test the mood on either side of the divide
Germany's Merkel tells Greece's Samaras that Greece must fulfill bailout commitments, congratulates him on election victory
Debt crisis: Germany holds a gun to Greece's head
Greek Votes, Europe holds its Balls!
Angela Merkel stands firm on eurozone debt crisis
Leading article: A historic election – but it may not move Berlin
Debt crisis: markets bet Germany will be dragged down with everyone else
How Greece has got itself in this mess
Greece's Samaras insists politics and football don't mix
Germany v Greece: fans and players try to put politics aside in Euro 2012 clash
Zapiro's Blog
- Zapiro's profile
- 7 followers
