The Natives Are Not Restless

Greek Parliament Passes Austerity Package

The Greek Parliament has voted to back a package of deep spending cuts that should go some way to clearing a path for the release of funds and potentially a second bailout for the country by the European Union and International Monetary Fund.

The EU and IMF had made the release of a 12 billion euro ($17.3 billion) tranche of last year’s 110 billion euro bailout contingent on the passage of the bill, which will see Greek government assets privatized and public sector wages cut in an attempt to bring the country’s deficit under control and stave off a sovereign default.

In his speech ahead of the vote, Prime Minister George Papandreou said there was “no plan B.”

“We must avoid the country’s collapse at all costs. Now is not the time to step back,” he said. Article continues at Yahoo Finance…