6 Nov 2013
Troika greeted by protests as they return to Greece for bailout review
FXstreet.com (Barcelona) - EU, ECB and IMF inspectors returned to Athens on Tuesday to resume the review of the Greek bailout program, after negotiations stalled in September. They are expected to determine the size of the budget gap for 2014 and come up with ways of closing it.
Today the largest Greek labor unions are holding strikes against the austerity measures imposed on the country by the international lenders in exchange for rescue funds. The Troika suggested that further cuts in wages and pensions or tax increases will be necessary to cover the shortfall next year, but the Greek PM Antonis Samaras rejected such a solution in a TV appearance on Monday.
“Society cannot take it, the economy cannot take it, and it is not even required by the country's current financial situation,” he emphasized.
The Troika inspectors are also expected to press the Greek officials to close the loss-making defense industries, which will also be met with opposition as it would mean laying off thousands of workers. Currently the Greek unemployment rate stands at 28%, with youth unemployment at a staggering level of 60%.
Today the largest Greek labor unions are holding strikes against the austerity measures imposed on the country by the international lenders in exchange for rescue funds. The Troika suggested that further cuts in wages and pensions or tax increases will be necessary to cover the shortfall next year, but the Greek PM Antonis Samaras rejected such a solution in a TV appearance on Monday.
“Society cannot take it, the economy cannot take it, and it is not even required by the country's current financial situation,” he emphasized.
The Troika inspectors are also expected to press the Greek officials to close the loss-making defense industries, which will also be met with opposition as it would mean laying off thousands of workers. Currently the Greek unemployment rate stands at 28%, with youth unemployment at a staggering level of 60%.