Source: The Nation

Greece’s new center-right government is set to impose fresh austerity measures in the fall, including further privatization of utilities, railways and ports. With unions already angry over wage and pension cuts, more work stoppages and demonstrations are expected. Three ministers have already resigned their posts, including a deputy labor minister who said the ruling coalition has no intention of keeping its campaign promise to renegotiate with the Troika (the European Commission, the European Central Bank and the International Monetary Fund), which had insisted on more austerity as a condition of continued aid to avert bankruptcy. read more

Source: The Progressive

Dressed in military fatigues and carrying AK-47 assault rifles, the Zintan militia surrounded the building in Tripoli and entered without a fight. They weren’t seizing the last remaining Qaddafi stronghold; they were taking an oil company CEO hostage. The militiamen were demanding money for protecting the CEO’s oil fields during Libya’s civil war.

There was only one problem. The company had already paid $600,000 for those services and wasn’t about to pay again.

A month earlier, a different armed group seized the offices of the same company demanding protection money. Employees didn’t know which militia carried out that raid. read more

Thousands of people marched in Spain’s capital of Madrid on Wednesday after the government unveiled a new round of spending cuts and tax hikes to obtain a rescue of the country’s banks. Speaking to lawmakers, Spanish Prime Minister Mariano Rajoy said the $80 billion austerity measures were demanded by the European Union as a condition for an emergency bailout of Spain’s banks.

Prime Minister Mariano Rajoy: “With the inevitable fiscal adjustment, we must take on the structural reforms our economy needs to recover its competitiveness and flexibility to generate growth and jobs. The package I present in this chamber is balanced, which combines spending cuts with the initiatives for earnings, following the recommendations of the European Council.” read more

Source: In These Times

The outcome of the June 17 Greek election—a narrow victory for the conservative New Democracy over the leftist Syriza party, and the prompt formation of a “pro-European” coalition government—predictably unleashed a gigantic sigh of relief all over Europe. The catastrophe was averted, European unity had prevailed, etc. But, in fact, a great opportunity was missed, a unique chance for Europe to finally confront the depth of its economic and political deadlock. The sigh of relief effectively meant: We avoided the awakening. We can continue to dream. read more