Greece Hit By Massive Strike Protesting Austerity Plan

[bemildred]

Source: MNI

ATHENS (MNI) - Greece was hit Tuesday by a massive strike of public and private sector workers, who are protesting the severe austerity measures the Greek government has agreed to implement over the next four years in exchange for E110 billion in assistance from the Eurozone and the IMF.

The strike, which is affecting numerous sectors of the Greek economy and society, is expected to last 48 hours. It is seen as a crucial yardstick of public resistance to the government measures, and thus of the government's ultimate ability, politically, to stick to its promised fiscal course.

The austerity package envisages cutting the public sector deficit by 5.5 percentage points of GDP this year alone and by 11 points over the next four years through a series of layoffs, draconian pay and pension cuts, and increases in consumer taxes.

In the public sector, the strikes are affecting virtually all government offices and ministries, as well as public services, schools and hospitals.

Read more: http://imarketnews.com/?q=node/12846