The words for today are the same as the words for last week and last month: defy and denial. Let's consider a few examples.
Campers in Spain Defy Protest Ban
The New York Times reports Tens of Thousands in Spain Defy Protest Ban
Tens of thousands of demonstrators across Spain continued sit-ins and other protests against the established political parties on Saturday. They did so in defiance of a ban against such protests and ahead of regional and municipal elections on Sunday.Papandreou and ECB Deny Restructuring Under Discussion
About 28,000 people, most of them young, spent Friday night in Puerta del Sol, a main square in downtown Madrid, the police said. They stayed even as the protest ban went into effect at midnight under rules that bring an official end to campaigning before the election in 13 of Spain’s 17 regions and in more than 8,000 municipalities.
Fueling the demonstrators’ anger is the perceived failure by politicians to alleviate the hardships imposed on a struggling population. The unemployment rate in Spain is 21 percent.
Beyond economic complaints, the protesters’ demands include improving the judiciary, ending political corruption and overhauling Spain’s electoral structure, notably by ending the system in which candidates are selected internally by the parties before an election rather than chosen directly by voters.
As the campaign ban came into force at midnight, many of the Madrid protesters stuck tape across their mouths to signal that they would continue the demonstration, even if ordered to be silent. “The voice of the people can never be illegal,” read some of the banners, while others argued, “We are not against the system but the system is against us.”
"Debt restructuring is not under discussion," Papandreou said in an interview in Sunday newspaper Ethnos.80 Percent of Greeks Oppose More Austerity
Greece has no other option but to follow through its fiscal plan, ECB governing council member Ewald Nowotny told Greek newspaper To Vima Saturday. "For the ECB, the line is one and clear: you have to implement the commitments you have made."
Greece is considering deeper cuts in public sector wages and further tax increases on a range of products and professions to qualify for more aid, Greek newspapers said Saturday.
The plan may include scrapping bonuses to civil servants and employees in state-run companies, newspapers Ta Nea and Isotimia reported, without citing any sources.
The government may also lower or scrap tax-free thresholds on property holdings and the self-employed, raise consumption taxes on soft drinks and certain fuel types or shift a range of products to a higher VAT-bracket, other newspapers said.
Papandreou vowed Saturday to take any measure necessary to secure more funding for his country. "Greece must convince everyone of its determination," he said.
Eighty percent of respondents told pollster MRB they refused to make any further sacrifices to get more EU/IMF aid, an MRB poll for paper Realnews showed.
The same poll shows Papandreou's ruling Socialist PASOK neck-and-neck with the opposition conservatives, with both parties scoring 21.5 percent each. In the previous MRB poll in April, PASOK had an 1.8 point-lead.
But Papandreou warned that any failure to push through the plan might lead the country straight to default. "At the moment, it does not seem as if Greece can cover its 2012 borrowing needs... from the market," he said in the interview.
Fri May 20, 2011 8:56pm EDTRaise your hand if you believe Portugal's problems are over.
The International Monetary Fund on Friday approved a 26 billion euro ($36.8 billion) loan for Portugal to help the country recover from a debilitating sovereign debt crisis, saying it would immediately disburse 6.1 billion euros to ease investor concerns over the euro zone member's debts.
The IMF said in a statement that total financing to Portugal in 2011 will include about 12.6 billion euros from the IMF and another 25.2 billion euros from the European Union. The funding is part of a joint IMF/EU 78 billion euro ($110 billion) bailout package.
"The financing package is designed to allow Portugal some breathing space from borrowing in the markets while it demonstrates implementation of the policy steps needed to get the economy back on track," the IMF said in a statement.
The financial package was calibrated to allow Portugal to stay out of the market for medium- to long-term bonds for slightly more than two years, IMF Mission Chief Poul Thomsen said.
Under the agreement, Lisbon will have to carry out steep spending cuts, raise taxes, reform its labor and justice systems, and embark on an ambitious privatization scheme.
More stories from Townhall Finance
This Week's Top Tweet: Mr President, DO Something John Ransom
Oil Prices, Inventories Down, plus Railroads a Comin' Zacks Investment Research
Spanish and Greek Tea Parties Mike Shedlock
SuckedIn or LinkedIn? - Investing for Idiots Gil Morales and Chris Karcher
The Hitchhicker's Guide To Money Mark Baisley
Tackling the Multitasking Myth Daniel Forrester
Investing for Idiots: Bear Markets are Good! Gil Morales and Chris Karcher
One-on-One with Senator Tom Coburn Larry Kudlow
Email, Hate Mail and Comments from Readers John Ransom
A Peak Underneath Bill Tatro
A New Official Number: The Dependency Ratio. Really Mike Shedlock
Obama, Your Jimmy Carter is Showing John Ransom
For daily market commentary visit Ransom and Friends at the Ticker
Email Ransom at: firstname.lastname@example.org
Today, at 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for October 24th, 2014 | John Ransom
In Other News: List of "Useless Government Spending" Strangely Doesn't Include Biden's Salary | Michael Schaus
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for October 22nd, 2014 | John Ransom
In Other News: Massachusetts School Board Moves to the Right of Democrats - Becomes Socialist | Michael Schaus