Weekend Economists Enumerate the Wealth of Nations, February 10-12, 2012

[Demeter]

23. Greek People Start 48-Hour National Strike

http://www.truth-out.org/disgruntled-greeks-start-48-hour-national-strike/1328884013

Athens - Greek workers walked off the job for the second time this week on Friday in a snap 48-hour general strike called to protest new austerity measures the country must take to avert a disastrous default next month.

The walkout came a day after the government reached a provisional deal with the so-called troika of foreign lenders — the European Commission, the European Central Bank and the International Monetary Fund — on the terms of a new loan program. The government of Prime Minister Lucas Papademos pledged to cut private-sector wages by more than 20 percent, lay off thousands of civil servants and slash public spending.

But skeptical creditors have demanded additional cuts to cover a $430 million shortfall created by the refusal of political leaders to slash supplemental pensions as well parliamentary approval and written commitments to the terms of the deal from the leaders of the three parties in Mr. Papademos’s coalition before additional financing is released.

Condemning the new barrage of measures as “a tombstone” for Greek society, the country’s two main labor unions called the action on Thursday immediately after government officials announced the deal with creditors on the new austerity measures, which are expected to be voted on in Parliament on Sunday or Monday. Unions are planning protest rallies for both days of the strike, and the day of the vote when the crowds are expected to be largest....