Wednesday, 11 May 2011

Strikes return to Greece

Strikes will be seen across Greece today as workers protest against austerity measures across the country as the Greek Government tries to renegotiate the terms of its bailout. A deal had been agreed between the EU and IMF which would see Greece receive a €110 billion bailout but the additional austerity measures have damaged the economy further.

Greece is also unlikely to be able to borrow the billions required in the financial markets due to its financial status which will make the cost of borrowing even higher.

The Greek government needs loans of of 50 to 60 billion euros to get through the next couple of years and the IMF and European Central Bank are pushing for tougher repayment terms. Greek citizens are particularly concerned about the sell off of state assets such as the government owned power company.

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