ATHENS - They are the crown jewels of Greece&&9;s socialist state, and They Are now Likely to Go To The Highest Bidder: the ports of Piraeus and Thessaloniki; prime Mediterranean real estate, the national lottery, Greek Telecom, the postal bank and the national railway system.

And then comes the deeper round of mandated austerity measures, Which Will Slash The Wages of police officers, firefighters and Other Workers Who are state Protesting in Athens, and raise the taxes of Citizens Already Inflamed by a recession-plagued economy and soaring joblessness.

After winning a confidence vote is pivotal historical new cabinet on Thursday, Prime Minister George Papandreou year now HAS Even Tougher task: to carry out a radical remedy of fiscal austerity and Forced auctions for a sickened economy in a deep slump Already.

The European Union, the European Central Bank and the International Monetary Fund, Known As the "troika," Say That Is the only way out for a Heavily Indebted Greece, while Some economists say the program resemble medieval Bloodletting - a dose of pain Highly Unlikely to revive the patient.

Mr. Papandreou&&9;s first task IS to persuade historical governing Socialist Party to pass a Bill That Would save or raise about $ 40 trillion by 2015, equivalent to 12 percent of Greece&&9;s gross domestic product,-through wage cuts and tax Increase, at a time When The Economy IS shrinking.

That to put in perspective, Increase Spending cuts and tax of a similar scale in the United States Would Amount to $ 1.75 trillion, considerably more sweeping Than Even The Most far-reaching Proposals for Reducing the federal budget deficit American.Promised and HAS Greece to generate $ 72 Another one billion by selling off state assets bonus, Which Many Greeks Consider a fire sale of national patrimony.

While the Commitment to Austerity Will allow Greece access to a fresh infusion of international aid, a Growing chorus of economists Say That the government&&9;s new program Will at best delay default and a Restructuring of STI debt, Which is Already More than 150 percent of the country&&9;s gross domestic product. Budget cuts and steeper tax Increase, They Say, are the enemy of Economic Growth, Which Needs Greece desperately to make debt burden lighter icts.

"You can not keep on milking the cow Without feeding it," Said Konstantinos Mihalos, the president of the Hellenic Chamber of Commerce in Athens.

Many economists fear in Fact Already Entered Greece HAS a "debt trap," where Paying the interest on ITS mound of debt Requires more and more loans."The Greeks Have Been Told to accept more of the medicine That HAS Already failed to treat the disease," Said Simon Tilford, chief economist at the Center for European Reform in London.

The Greeks Have Already Reduced Their deficit by five per centage points of the gross domestic product, "Unprecedented cuts in a modern economy," Mr. Tilford said. "But The cuts Have Had a Much Stronger negative impact on the economy Than the troika imagined, fiscal austerity and the economy HAS Pushed Into deep recession. Debt Can Only Be Paid Out of Income, And That Means growth. "

Greece Does not Have to-many access tools to fight recession, like devaluing currency icts or cutting interest rates, at least as long as it Remains a member of the euro zone. Its Monetary Policy IS controlled by the European Central Bank.

Some independent economists accept Greece That Has No Choice aim to try a fresh round of cuts. Edwin M.Truman of the Peterson Institute for International Economics in Washington Said Greece Had to Go Through Because It Had more bread run a budget deficit Even Before making debt payments on ITS, Meaning it needed loans to pay off loans icts make quick cash.

Only after Greece Reorganize STC budget, tax collection and Labor market and is running a surplus - not Including interest payments on the debt - can begin to calculate how economists Much in debt payments Greece IS Actually Able to Afford, and then figure out how big a Restructuring debt it Needs.

"As Long As They&&9;re running a primary deficit, They Need to keep tightening the belt," Mr. Truman said. "Does not Relieve Greece now rescheduling of the burden of fixing the economy to create a surplus."

It Is not getting any Easier.In the first year icts sincere bailout, Greece HAS cut $ 17 one billion-through across-the-board wage cuts, Layoffs and attrition in icts bloated State Sector, Which employees 800.000 people, a quarter of the Greek work force. Given Purpose icts recession, the economy shrank and tax revenues fell, Greece Meaning That Did not Meet the original target of a government deficit of 9.1 percent of GDP as foreign lenders Agreed with ITS, prompting em to demand more cuts.

European Demands Have Placed Mr. Papandreou year in increasingly untenable position. He must sell the increasingly restive Greek people are more austerity with no clear signs of recovery. And He Has To persuade history was reformed Socialist Party That Almost undo everything the party HAS Stood in for the past.

At least one Socialist member of Parliament, Alexandros Athanasiadis, HAS Already Announced That He Will not vote for the new austerity measures, Citing His opposition to selling part of the state&&9;s stake in the Electricity Utility Whose power plants in district history Dominate northeastern Greece.

On Wednesday, members of the public power company union, Genop, Transport Ministry and the Occupied Some power failures orchestrated protest to the dirty, Which Seeks to Reduce the state&&9;s stake to 34 percent from 51 percent in the company profitable.

To-many Greeks, And Many Other That selling state-owned companies and assets, Even Those That Currently lose money, IS tantamount to a loss of Sovereignty - Especially if wealthy investors from Germany and the Other big European Powers pushing austerity of Greece end up Purchasing the assets for a hefty discount.

"We&&9;ve Always Been advocates of the National Privatization Because state cannot play the role of the entrepreneur and HAS in fact-Proven to Be a complete disaster Every Time THEY Attempt to do so," Said Mr. Mihalos of the Athens Chamber of Commerce.

"Aim at thesis Extremely Low Levels, Especially For Those companies quoted on the stock exchange, We Have To Be very wary, &&9;he added. "If we go by today&&9;s gains, as a result of the recession and the crisis in the country Finds Itself, It Will Be really selling the crown jewels at a cost of Their pittance."

Mr. Papandreou&&9;s government HAS to make not managed a convincing case for the sell-off to-many Greeks, Where the idea of ??a fire sale HAS taken hold, setting off a wave of national indignation."Imagine If You Asked me for my apartment, and I Gave You The Whole building," Said Ekonomopoulou Dorothea, a public school teacher in Athens, as she Stood Among demonstrators in Syntagma Square this weekend.

Rachel Donadio Reported from Athens, and Steven Erlanger from Paris.

Some Greeks Fear Is Selling Nation Government to Help Save It