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What’s Up in Greece, May 31?
Posted by keeptalkinggreece in Economy, Very Mix
The Greeks are up in Greece on May 31, the last day of spring, which is in fact is “fall and winter” together, when we consider the economic situation of the people, the new austerity measures package and the huge debt of the country. As the negotiations and the apparent bargain games between the Greek government and the Troika-guys are continuing ‘indignant’ citizens and concerned employees, interest groups occupy public buildings and squares, launch work stoppages, and chant anti-government, anti-austerity and anti-IMF slogans. However the general situation in the country is not as chaotic as it seems when it comes to read about it in a summary of just a few lines.
This morning workers at Piraeus and Thessaloniki Port Authorities launched a 4hours work stoppage opposing the privatization of their work place. Other interests groups like the employees at Post Bank had a strike today, the workers at biggest telecommunication company OTE threaten to go on strikes. Labor unions prepare a general strike, probably for June 21st.
This afternoon the streets of Athens down town are expected to burst with people as two major protests will take place. One is planned for 7 p.m. outside the Athens University. It is organized by academics who will speak about the IMF/EU/ECB Loan Agreements and the violation of Greek constitution. The other meeting will start one hour earlier in front of the Parliament at Syntagma Square. The indignant Greeks will boo and chant slogans against the politicians who will be inside the Parliament contemplating on the middle term austerity package for 2011-2013.
At the same time the citizens suffer from a total confusion about the new austerity measures. Leakages to the press speak today of Value Added Tax hikes and three days later from VAT … decreases.
A new-new change in taxation scheme with vague features freezes the business world.
Other leakages to the press proclaim pension decreases and lay offs in the public administration.
Nothing is definite, nothing has been decided, but the effect is catastrophic. Citizens strangulate consumption and business development is on hold.
At the same time, European leaders and technocrats making conflicting statements about the 5th tranche, the debt haircut, the restructuring or even reprofiling. Germany has apparently given the green light for the 5th tranche – after a horror week of threats and blackmails. What was the purpose of this pressure? I can’t tell you for sure…. But what I noticed is the people rushed to the banks and withdrew money. Was that the purpose of the threats?
However the Athens Stock Exchange sky rocketed today with currently +3.40% after the joyous Merkel message. In fact, this news lifted all European and many Asean stocks. Everybody got happy that Greece will get the aid package – except the average Kostas Papadopoulos who sees the debt burden laying heavier on his shoulder and the necessity to tight . Deadlock!
Quite some Greeks are convinced that we come up for the maid… Strauss-Kahn’s hotel maid.
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