Tuesday, June 28, 2011

In Pictures - People of Greece observe strike on budget Cuts

ATHENS: Greece ground to a halt Tuesday as a 48-hour general strike began to bite, as the government and the parliament vote on the austerity and budget cuts, required to sevure IMF and EU bailout cash

No public transport, but only the metro was operating in Athens and the streets were relatively empty, with many people deciding to stay away from work to join the fourth general strike called this year by the country’s two biggest unions
Subway employees decided not to strike so as to allow Athenians to join planned protests in the capital.
A string of rallies are planned for Tuesday, focused on Syntagma Square — home to the Greek parliament and a magnet for tens of thousands of protesters who see the international community as imposing tough conditions for their bailouts.

At the airports, dozens of domestic flights by Greek airlines Olympic Air and Aegean were cancelled as air traffic controllers went on strike.

Parliament is scheduled to vote Wednesday and Thursday a package of austerity measures aimed at slicing 28.6 billion euros from government spending by 2015, and raising what international partners hope can reach 50 billion in privatisation receipts. The EU and IMF have demanded the cuts and sell-offs in order provide the latest tranche of funding under last year’s 110-billion-euro bailout package. Approval of the austerity measures by lawmakers would also allow work to proceed on a second bailout of a similar size.

Although French Banking officials have already approved the idea of extending the loans to 30-year period, as well as rolling over almost 70% of the Greece debt held at their balance sheets, Greece at this moment is too precious to fail which might result in the collapse of the Euro and the European Financial System, as well as the Global Markets
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