Greece hit by a new general strike

[Martinus]

Greece hit by new 24-hour general strike over austerity

A 24-hour general strike is underway in Greece in protest at the nation's austerity measures.

Flights and ferry services have been cancelled, schools, government offices and tourist sites closed, and hospitals are working with reduced staff.

Greece's biggest unions will want a huge turn-out to prove that resistance is still strong.

The European Commission is discussing ways of propping up banks in Europe to protect them from the Greek crisis.

Global financial markets have been in turmoil over fears that the country could default on its debt, most of which are held by European banks.

Belgium and France are already working on plans to rescue the Franco-Belgian Dexia bank, which is heavily exposed to Greek debt.

On Monday, the Moody's ratings agency slashed Italy's credit rating from Aa2 to A2, blaming an overall loss in confidence in eurozone governments.

'Stunting growth'

Greece must implement the stringent austerity measures in order to secure its next instalment of bailout cash from the EU.

But the measures are hugely unpopular and have led to a wave of strikes and protests.

Wednesday's general strike in Greece is the first since the government announced an emergency property tax and the suspension of 30,000 public sector staff last month.

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Analysis

Mark Lowen
BBC News, Athens
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This is expected to be the biggest show of force from Greece's public sector workers in many weeks.

For the first time this year, air traffic controllers will stop work for 24 hours, causing major disruption at Athens airport, while many hospitals and schools will also close.

Public anger against the austerity measures is growing but the government says it will stay its course.

It is, though, a race against time, as this country rushes to implement deep structural reforms and public sector cuts to avoid defaulting on its debt: something that could spread contagion throughout the global economy.

Inspectors from the IMF, European Central Bank and European Commission have been in Greece this week to assess its financial situation.

But eurozone finance minister this week delayed a decision on handing over the money, after Greece said it would not meet this year's deficit cutting plan.

The government admitted that the budget deficit will stand at 8.5% this year, rather than the 7.5% target.

Stathis Anestis, a spokesman for Greece's main union GSEE, said the new measures were "just extending the unfair and barbaric policies which suck dry workers' rights and revenues and push the economy deeper into recession and debt".

"With this strike, the government, the EU and the IMF will be forced to reconsider these disastrous policies," he told Reuters.

Greek civil servant and trade unionist Tiana Andreou told the BBC that people in the country were very angry.

"Not only because of the measures that the government's taking but because of the whole situation. Our lives have been ruined. We have decided that we're going to stop this."

The government has enough cash to pay pensions, salaries and bondholders until mid-November, Finance Minister Evangelos Venizelos said on Tuesday.

Greece had previously said it needed more money by mid-October to avoid a default.

Some militant civil servants are promising to sabotage the reforms and on Tuesday, protesters again blocked the entrance to several government departments including the finance and transport ministries.

They say the austerity drive is deepening the recession, stunting Greece's growth - the economy will shrink 5.5% this year - and stopping Greece from being able to reduce its government debt itself.

http://www.bbc.co.uk/news/world-europe-15177457?print=true

It is hard not to take a rather one-sided view of this. Perhaps it's time to let Greece fall?

[Threviel]

I say let the lazy fucks go down and protect the affected banks as much as possible.

[Grey Fox]

Maybe the rich should pay for the bill entirely.

[Tamas]

Maybe the rich should pay for the bill entirely.

well in Greece's case, the "rich" didnt spend it. The rich LOANED the funds the government merrily distributed among the NON-RICH. With the default, it would be the rich paying, aye, for the careless living of the non-rich.

Which is still fine in my book. Let risk be risk, so carefulness and responsibility become the winning attitude over reckless gambling. If it means we get a slow steady growth instead of shock and awe bubbles, hey, so much the better.

[The Brain]

Madness??!?

[Darth Wagtaros]

This is Sparta?