Thursday, February 9, 2012
Even as the ECB’s very own Mario Draghi is now peddling Greek deal rumors, which are essentially a reaffirmation that the country will “pledge” to return to GDP growth in 2013, we are already seeing real, not pledged, or promised, consequences of this deal, whether real or not (ignoring that Venizelos just said that it would actually take up to 15 days to finalize it, something which means the Greek exchange offer is DOA) namely that the crippling economic collapse discussed extensively on these pages is about to get far worse.
AP reports: “Angry union leaders announced a 48-hour general strike for Friday and Saturday.” “We are moving to a social uprising,” said ADEDY Secretary Genera Iliopoulos.” Surely this is the fastest shortcut for Greece to meet or beat expectations of halting the 10% drop in its GDP and convert that number to positive. One can only hope that makers of bulletproof vests can compensate the economic collapse as every other part of the economy shuts down.
The unions, General confederation of Workers of Greece (GSEE) and Civil Servants Supreme Administrative Council (ADEDY), announced on Thursday that their members will go on a two-day strike from Friday in protest at the controversial decision.
“We will hold a general strike on Friday and Saturday along with the civil servants’ union,” said a spokeswoman with GSEE which represents the private sector.
ADEDY’s Secretary General Ilias Iliopoulos described the measures as “painful” which will “create misery for youths, unemployed and pensioners do not leave us much room.”
“We are moving to a social uprising,” said Iliopoulos.
Greece has been the scene of repeated strikes since the country first resorted to bailouts from international lenders in 2010.
This article was posted: Thursday, February 9, 2012 at 7:23 am