Greek vs. California Debt

SUBHEAD: Austerity measures before Greeks more severe than cutbacks experienced in California. Image above: California School Employees Association lead 2000 California employees in protest o8/5/09 to protest state budget cuts in San Jose. From ( By Malcolm Brabant on 4 May 2010 on the BBC - See Video at: ( The Greek government will present the second of two bills to parliament outlining the austerity cuts needed to secure £96bn ($146bn) worth of bailout loans. The Socialist Party's 10-seat majority means it can rush through a vote by the end of the week. But that may mean turning a deaf ear to public sector workers' unions which have begun a 48-hour strike.
A question being hotly debated is who is buried in worse debt, Greece or California? News reports lean towards Greece as the real basket case, while TV news loves any reason to show video of Arnold Schwarzenegger. Both Greece and California are cutting deep to balance the books, and their people are hitting back with protests and anger. Will either receive a bailout, or are they both doomed to default? For this special News Hunt episode, we'll grab facts from worldwide news reports and weigh the options with both hands. To be a part of the News Hunt for good journalism on the economy go to " Video above: "Debt - Greece vs California". From (
[Editor's note: Just want to add that the video below, from the IMF, is in this article only because it is their official word on the Greek plan. I do not actually believe in it. This Greek bailout is for the benefit of German, French, and European banks, not the Greek people. I take the side of the Greek people. I believe they can step outside the EU system and end up with something better. In the process the Greek people have the opportunity to shatter the current paradigm, just as they did with "democracy" a few thousand years ago. The question is, "Are the modern day Greeks as fearless as the Spartans of centuries past?" That remains to be seen. For an updated report as of May 4, 2010, see: & ] Poul Thomsen, IMF mission chief for Greece details the fiscal package the Greek government accepted to prevent the nation's default. The IMF & EU believe that while difficult, the steps being taken by the Greek government are necessary to restore confidence in the Greek economy and to secure a better future for the Greek people. Video above: "IMF & EU Support Greek Rescue Package". From (

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