September is here - time for Pasok , New Democracy and Democratic Left to show their collective hand....

Rush to finalize package of measures Representatives of the three parties in the coalition government are to continue talks over the weekend in a bid to overcome differences on 11.5 billion euros’ worth of painful new austerity measures that Greece must approve to clinch crucial rescue loans. The package -- which is harsher than anticipated, foreseeing 4.5 billion euros in cuts to pensions -- was discussed by the Cabinet on Friday and is to be approved by party leaders on Monday. The blueprint must then be endorsed by officials of Greece’s so-called troika of lenders -- the European Commission, European Central Bank and International Monetary Fund -- who are due in Athens later next week before it is submitted in Parliament in the second half of September. The troika review will determine whether Athens gets a 31.5-billion-euro loan. Apart from the 4.5 billion euros in pension cuts, the package also foresees 1.2 billion euros in cuts to the wages of certain categories of civil servants, including military and judicial staff, 1 billion euros in cuts to social benefits, 1.2 billion euros off state administrative costs and 1.4 billion euros off health spending. Officials of PASOK and Democratic Left -- the two junior coalition members -- are to propose alternatives to some of the harsher measures. Meanwhile Democratic Left is said to be angry with conservative New Democracy’s failure to oblige the Orthodox Church to pay half of clerics’ salaries. In a speech to party officials on Thursday, Prime Minister Antonis Samaras said new austerity was “inevitable” if Greece wanted to remain in the euro but stressed that there would be no more pain. “This is the last such package of cuts,” he said. During the cabinet meeting, Samaras asked ministers to try to boost revenue so the country can quit the recession. “If all goes well, Greece will be very different in two years,” he said. In a speech to Parliament, Finance Minister Yannis Stournaras said the tide was turning. “There is a sense of trust being restored,” he said, noting that deposits had returned to Greek banks and the value of Greek bonds on the primary market had risen. Stournaras is to go to Berlin on Tuesday for talks with his German counterpart Wolfgang Schaeuble, who has been critical of Greek efforts. German Foreign Minister Guido Westerwelle was more supportive on Friday, calling for an end to “Greek-bashing” and expressing confidence Athens will honor pledges. the situation in Chios is symbolic of Greece as a whole presently..... The tears of Chios by Lead Editor 24 Aug 2012 The past is irrelevant if we cannot prevent the present from going down in flames At least six days of wildfires on Chios last week became a sad but poignant sign of Greece’s troubled times. Economically and environmentally, the fires have proved devastating to an island population that should, justifiably, claim to hold many of the attributes necessary for the country to eventually emerge from this crisis. Apart from the touristic charm it shares with many Aegean islands, Chios boasts a famed agricultural product that has been granted a protected designation of origin status and is largely exported.   Known as the “tears of Chios” due to the shape taken by the hardened resin once collected, mastic is highly valued for its culinary, medicinal and cosmetic uses. And yet around a quarter of the island’s mastic cultivation is now believed to have been destroyed within a total of 15,000 hectares of burnt land, with local sources estimating the damage to the local economy reaching four million euros. About 2,000 locals are believed to be fully employed in the trade.   Whether the fire was started through negligence or deliberately - and the public order ministry suggests the latter, albeit with no proof - a previously vibrant community has, literally, had the earth scorched beneath it.   When the history books of this country’s debt crisis are written, the separate talks of Prime Minister Antonis Samaras with the European political elite of Angela Merkel and Francois Hollande on August 24 and 25 could be seen to be crucial to determining Greece’s eurozone future. Without at least an easing of the bailout terms, the country might as well kiss its precious euro goodbye right now. And, realistically, the European Central Bank will ultimately need to write off the bulk of the country’s debt, voluntarily or by necessity.   But Greece’s ultimate financial sustainability will surely be determined as much by building on its very real competitive advantages within Europe as by redressing its budgetary imbalances. Whenever Greece’s economy returns to growth, two of the pillars supporting it will have to be tourism and agriculture, typified by the example of Chios.   Added to those should be shipping - a sector in which, ironically, the island has also made a very big name for itself over the years.   The past, though, is irrelevant if we cannot prevent the present from going down in flames.