STOCK MARKET WATCH -- Friday, 10 February 2012

[xchrom]

47. Greece strikes as bailout stalls

http://www.irishtimes.com/newspaper/breaking/2012/0210/breaking10.html

?ts=1328886025
Riot police take up their positions at the Greek parliament ahead of protests against planned reforms by the coalition government in Athens. Photograph: Yannis Behrakis/Reuters

Unions in Greece began a two-day general strike against planned austerity measures, a day after the country’s crucial international bailout was put in limbo by its euro zone partners.

Frustrated by days of dithering, bailout creditors have given Greece until the middle of next week to fully meet demands for new harsh cutbacks. Otherwise, the debt-crippled country will lose its rescue loan lifeline, go bankrupt next month and probably leave the euro.

“We are experiencing tragic moments,” deputy prime minister Theodoros Pangalos told parliament. “These days are the last acts of a drama that we all hope will lead to a happy conclusion with a voluntary reduction in our public debt and implementation of a framework by 2015 that will allow the economy to stabilise.”

The Greek coalition government, led by prime minister Lucas Papademos had hoped some of the heat had been taken out of the crisis after leaders agreed to a raft of austerity measures they hoped would pave the way for the €130 billion bailout package.