Friday, June 11, 2010
A new poll shows that 7 out of 10 Greeks expect the economy to deteriorate over the next few months.
More worryingly, an even larger percentage expect a new wave of riots aimed at preventing austerity:
An even larger section of the public – 80 percent, according to the poll – fear a new wave of social unrest in reaction to the government’s austerity measures, with more strikes and demonstrations on the cards.
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A similarly high proportion of respondents, 84 percent, claimed to be disappointed by “Greek democracy” though it remained unclear whether this related to developments in the economy or in the political arena.
The pessimism seems justified. Athens will make budget cuts equivalent to 7% of GDP — around $25 billion — in the next few months. Riots are highly likely, based on Greeks’ own perception, thus a Greek default on its IMF loan seems increasingly likely.
This article was posted: Friday, June 11, 2010 at 9:35 am