Arab Today, arab today greek general strike starts as eu presses govt
Last Updated : GMT 12:27:40
Arab Today, arab today
Arab Today, arab today

Greek general strike starts as EU presses govt

Arab Today, arab today

Arab Today, arab today Greek general strike starts as EU presses govt

Athens - AFP

Greek trade union leaders called a general strike on Tuesday, as embattled Greek Prime Minister Lucas Papademos faced growing pressure from EU leaders to adopt tough new austerity measures. A key meeting with heads of the Greek socialist, conservative and far-right parties that form Papademos\' unwieldy coalition was also expected to take place Tuesday, after the leaders failed to hold talks on Monday. Greek Finance Minister Evangelos Venizelos blamed the political parties for the failure to reach consensus on debt negotiations with the country\'s EU-IMF creditors. \"Instead of looking at this tragic dilemma... with national unity... there are many who spend their effort on a conventional, outdated, party confrontation as if nothing has happened,\" the minister said. Around 5,000 people took part in protests called by the unions and left-wing parties late Monday against the austerity measures, despite Athens being hit by a torrential thunderstorm and strong winds. \"It is a pretence that the measures are taken to forestall bankruptcy,\" Communist party leader Aleka Papariga told the gathering. \"On the contrary, they will lead the people to misery to benefit the plutocracy and capital,\" she said. The country\'s two main unions called a 24-hour general strike for Tuesday to protest the new measures. The measures are a death sentence for the country, aimed at slashing salaries by 20-30 percent on top of previously imposed cuts, said Yiannis Panagopoulos, leader of the GSEE private-sector union. Papademos, being pulled one way by his EU partners and the other by domestic sentiment, was due to meet officials from the EU, European Central Bank (ECB) and International Monetary Fund (IMF) again on Monday evening. Those talks are aimed at wrapping up weeks of negotiations and saving his country from a historic default in March that could roil the 17-nation eurozone and undercut a global economic recovery. A new eurozone package worth 130 billion euros ($170 billion) in aid to Greece, pending since October, hangs in the balance. In Washington. the IMF\'s chief economist insisted that Greece must cut wages to boost competitiveness and pull the country out of its economic quagmire. \"Either you basically increase productivity growth a lot and quickly, and you keep wage growth moderate, or you decrease wages,\" said Olivier Blanchard. In Paris, German Chancellor Angela Merkel and French President Nicolas Sarkozy ramped up the pressure on Athens. Merkel warned that Greece would receive no more EU aid to cope with the debt crisis until Athens reaches a deal with the EU, ECB and IMF \'troika\' on more spending cuts and reforms. The two leaders also floated the idea of placing part of Greece\'s future bailout loan funds in a special account to make sure it is channelled to service the country\'s enormous debt, currently exceeding 350 billion euros, and not for other uses. \"The Greeks gave us undertakings,\" Sarkozy added. \"They should respect them scrupulously. There\'s no choice.\" A spokesman for EU commissioner Olli Rehn warned that Greece had already in effect missed the deadline to get the deal done by the coalition to reshape the economy and slash its debt in exchange for another bailout. But an EU diplomatic source suggested all was not lost. \"We haven\'t lost all hope, we hope that between now and Wednesday evening, the negotiations will be wrapped up,\" the source told AFP, referring to public spending, as the massive write-down of privately-held debt appears all-but settled. Grouped within the Institute of International Finance (IIF), negotiators representing banks, insurance companies and private institutional investors held talks on Sunday on cutting some 100 billion euros from the roughly 200 billion in Greek government debt they hold. The EU source said that eurozone finance ministers have been asked to be on standby again for talks, probably via teleconference late Wednesday or Thursday. Papademos on Sunday managed to get limited agreement with his coalition partners on a state savings target of 1.5 percent of gross domestic product (GDP) that would include the implementation of reforms to lower production costs and a scheme to recapitalise Greek banks. And Administrative Reform Minister Dimitris Reppas confirmed that 15,000 civil service jobs would be axed this year as requested by EU-IMF creditors. Greece must pay 14.5 billion euros in bonds due March 20 to avoid default. Athens and its private creditors are under intense pressure from the \"troika\" to cut the country\'s total debt burden down to what is seen as a sustainable level of 120 percent of GDP in 2020 from 160 percent at present.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greek general strike starts as eu presses govt Arab Today, arab today greek general strike starts as eu presses govt

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday