Civil service workers union ADEDY will stage a 24 hour strike tomorrow against the PASOK led Government’s proposals to freeze public sector wages in a bid to slash Greece's deficit from 12.7 percent last year to below the EU's 3 percent ceiling by 2012. On Thursday the 450,000 strong PAME union centre will stage a march on the Greek parliament in protest at pension cutbacks:
http://www.ft.com/cms/s/0/1178b4f8-11b8-11df-bceb-00144feab49a.html
The largest private sector union GSEE is withdrawing from “social dialogue” between unions and the government over reform of the state pension system, Yannis Panagopoulos, its President, said “the government has yielded to the financial markets and reversed its policies. We have no alternative but to react”
This week’s Economist reports on the economic crisis gripping Greece which according to its President is in danger of “falling over a cliff” and blames hedge fund speculators for the problems encountered by Greek government bonds in bond markets which led to speculation of either a default or an unprecedented bail out by the EU.
http://www.economist.com/world/europe/displaystory.cfm?story_id=15450366
