Posts Tagged ‘unions’
Greece makes progress in deficit cuts
The tough austerity measures implemented by the Greek Government appear to be a success after the country’s Finance Minister, George Papaconstantinou, claimed the deficit has been trimmed by 42% this year and the country had “met its goal“.
According to figures from the central bank, the deficit was €11.5 billion in the first half of the [...]
Greece expected to call 6th strike for next week
Greece’s two main unions have called a fresh general strike for July 8 to protest against tough austerity measures, introduced by the Government to trim the country’s budget deficit.
Should the strike go ahead, it will be the country’s 6th since February.
However, some of the protests have been violent. Last week’s strike saw seven police [...]
Spanish Government approves €15bn austerity plan
Spain’s Government has passed the €15 billion (£13 billion) austerity plan, which has been implemented to deal with the country’s deficit, which is currently 11% of GDP.
Spain aims to reduce the deficit to 6% by 2011, which involves a 5% cut for civil servants.
Deputy Prime Minister, Maria Teresa Fernandez De la Vega, acknowledged that approving [...]
Violent protests in Greece lead to 3 deaths
Asian shares have fallen sharply today as fears mount that Greece’s crisis would spread to other European countries.
In an interview with French newspaper, La Parisien, the head of the International Monetary Fund (IMF), Dominique Strauss-Kahn, admitted earlier this week that the possible spread of the crisis was a concern.
He said: “We have to succeed [...]
Euro zone nations and IMF in €110bn Greece bailout
A deal designed to prevent Greece from defaulting on its massive debt has been agreed over the weekend.
It is also hoped the €110 billion (£95 billion) three-year rescue package will strengthen the single currency, which has been plummeting over recent months as a result of Greece’s debt crisis.
The EU will provide €80 billion with the [...]