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Showing posts with label austerity. Show all posts
Showing posts with label austerity. Show all posts

Friday, September 14, 2012

Greece may get more time to meet commitments





Arriving for the start of two days of discussions between Europe's finance ministers in the Cypriot capital, De Jager said Greece does not have much flexibility as it tries to get more time to achieve its budget cuts and reform measures required by its rescue lenders.

Debt-crippled Greece has depended since May 2010 on international rescue loans, granted by its European partners and the International Monetary Fund, in return for a deeply unpopular austerity program.

Greek Prime Minister Antonis Samaras, who is currently struggling to get an agreement on an €11.5 billion ($14.7 billion) package of spending cuts for the coming two years with the two leaders of his coalition government, says no new money will be needed, arguing that Greece could raise more short-term money in the markets and rework its current spending plans.


READ THE ORIGINAL POST AT www.sfgate.com

Thursday, September 13, 2012

Greece: Strikes flare as coalition government struggles to clinch new ...


AFP

Greece: Strikes flare as coalition government struggles to clinch new ...
Washington Post
ATHENS, Greece — A fresh wave of anti-austerity strikes hit Greece Wednesday as the leaders of the governing coalition remained unable to finalize further spending cuts for the coming two years without which the country will lose its vital rescue loans.
Greece revs up privatization drive to sway troikaReuters
Greece faces more anti-austerity strikes, protestsThe Associated Press
Greece Aid Decision May Be Delayed to November - EU SourcesWall Street Journal

all 483 news articles »

READ THE ORIGINAL POST AT www.washingtonpost.com

Wednesday, September 12, 2012

Greece faces more strikes, no austerity deal yet

A street vegetable vendor discusses Greece's crisis with a man as in the background is seen a protest outside the ministry of Finance, in central Athens, on Wednesday, Sept. 12, 2012. A fresh wave of anti-austerity strikes hit Greece Wednesday as the leaders of the governing coalition struggled to finalize further spending cuts for the coming two years — without which the country will lose its vital rescue loans.(AP Photo/Petros Giannakouris)A fresh wave of anti-austerity strikes hit Greece Wednesday as the leaders of the governing coalition remained unable to finalize further spending cuts for the coming two years without which the country will lose its vital rescue loans.



READ THE ORIGINAL POST AT news.yahoo.com

Greece faces more anti-austerity strikes, protests




ATHENS, Greece (AP) — A fresh wave of anti-austerity strikes has hit Greece, whose fractious governing coalition leaders are struggling to finalize further spending cuts for the coming two years.

State hospital doctors, school teachers and local authority employees have walked off the job to protest planned salary and funding cuts under the new €11.5 billion ($14.7 billion) package.


READ THE ORIGINAL POST AT www.sfgate.com

Monday, September 10, 2012

Greek university professors on strike to protest pay cuts under new austerity ...


AFP

Greek university professors on strike to protest pay cuts under new austerity ...
Washington Post
ATHENS, Greece — Greek university professors have joined a string of protests against pay cuts included in a new austerity program being finalized by Athens. Striking academics say the €11.5 billion ($14.6 billion) cuts for 2013-14 that Greece needs ...
Greek Party Chiefs to Meet on Budget Cuts, No Decision ReachedWall Street Journal
Greek gov't fails to agree on spending cutsUSA TODAY
Inspectors Reject Parts of Greek Austerity PlanFox Business

all 626 news articles »

READ THE ORIGINAL POST AT www.washingtonpost.com

Inspectors Reject Some Cuts By Greece

Visiting international inspectors on Sunday rejected parts of Greece's proposed austerity plan, forcing the country's coalition government to seek fresh spending cuts to meet creditors' demands.

READ THE ORIGINAL POST AT online.wsj.com

Monday, July 2, 2012

Robert Kuttner: Mitigating Merkel's Mischief

Merkel, characteristically, still opposes any respite for the suffering Greeks. It is up to the rest of Europe to isolate her again so that she can reverse course citing changed circumstances. Nor is Merkel willing to seriously rein in the financial speculation against government bonds that turns moderate budgetary problems into dire crisis. This, too, will take the resolve of wiser leaders. Until German reunification in 1990, there was a delicate balance in the European Union, in which Germany was contained within a broader democratic Europe. Germany was an economic powerhouse, but was appropriately self-restrained politically. Given German history, this was only prudent. With reunification, Germany not only became even more potent economically, but began throwing its weight around politically. As Merkel keeps proving, this was not a good idea. The rest of Europe's leaders have now restarted the necessary project of containing German influence again, and not a moment too soon.

READ THE ORIGINAL POST AT www.huffingtonpost.com

Wednesday, June 27, 2012

Microsoft's Greek offices attacked by armed arsonists

• Software firm's Athens headquarters badly damaged
• Italian statisticians stage sit-in pay protest
• Greek restaurant workers hold 24-hour strike

Microsoft's Greek headquarters were attacked by arsonists and government statisticians in Italy staged a sit-in pay protest as anti-austerity demonstrations continued to sweep the eurozone.

Microsoft's Athens offices were seriously damaged after armed arsonists drove a stolen truck through the entrance in the early hours of Wednesday morning, and then set fire to it. The office, where more than 100 people work, will be shut for the day.

"It was very lucky that no personnel were in the building at the time," said a police source. "We've had drive-by attacks but nothing like this. In style it is unprecedented."

The ground floor of the US software giant's office suffered heavy damage, which the fire brigade estimated about €60,000.

Arson attacks against banks, foreign firms and local politicians have become more frequent in Greece in recent years amid public anger against the government's harsh austerity policies. Police said it was too early to say who was behind the latest attack. In February, a small bomb was left on an empty subway train in Athens, which a far-left group fighting the austerity measures claimed responsibility for.

In Italy, the protest by number crunchers delayed the release of Italian business morale data, as some 42 statisticians, researchers and computer technicians from ISTAT, Italy's national statistics office, stormed the room where the data are normally handed out, and held a labour union meeting.

Francesca Taratamella, who works in the national accounting department, said staff were protesting against the stats office's failure to award promotions to those who were entitled to them. She said she and her colleagues had been given extra work and responsibilities without any promotion or increase in wages.

"More in general, we are here to lament the freeze on new hires, on salary increases and on promotions … in the public sector," she told Market News International.

Italian prime minister Mario Monti's popularity has waned as he is implements painful austerity measures.

The staff protest at ISTAT meant the business confidence figures for June were published half an hour later than scheduled. When they were finally released, they showed a surprise improvement in morale in June, with the index rising to 88.9 from 86.6 in May.

Back in Greece, restaurant workers called a 24-hour strike for Wednesday to protest against wage cuts and other austerity measures imposed by the government. The strike comes in one of the key months for tourism, the country's biggest industry.

"Employers are blatantly using the avalanche of measures, which are crushing the human and social rights of workers, to violently demand submission to their demands," the Panhellenic Federation of Catering and Tourist Industry Employees said on its website.


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Thursday, June 14, 2012

Greeks divided on austerity

CNN's Matthew Chance reports on the uncertainty in Greece surrounding the growing demand for austerity measures.