Greece restless amid push for cuts - Hindustan Times
close_game
close_game

Greece restless amid push for cuts

None | ByLiz Alderman, Athens
Sep 18, 2012 11:12 PM IST

Public opposition to austerity budgets deepened in Greece on Monday, with judges stopping work, doctors going on strike and public transport staff and schoolteachers planning action for later this week. The moves are a prelude to a general strike called by the country's main labour unions for September 26.

Public opposition to austerity budgets deepened in Greece on Monday, with judges stopping work, doctors going on strike and public transport staff and schoolteachers planning action for later this week. The moves are a prelude to a general strike called by the country's main labour unions for September 26.

HT Image
HT Image

The protests are gaining steam even as Europe's fears of a Greek exit from the euro zone seem to be subsiding. On Monday, Chancellor Angela Merkel of Germany said she wanted Greece to stay in the euro union. "I think that everyone who is politically sensible will want that, too," she said.

Hindustan Times - your fastest source for breaking news! Read now.

The Greek prime minister, Antonis Samaras, renewed efforts on Monday to come up with a tough new €11.5 billion ($15 billion) austerity package. The additional cuts are needed to meet the terms of Greece's €130 billion euro bailout and to unlock a €31.5 billion loan installment that Athens hopes to receive in October to stay solvent.

Faced with rising discontent, Samaras has been asking Greece's international creditors for more time to impose any new cuts, lest the economy, which contracted by 6.2% in the second quarter, sink further.

Over the weekend, European finance ministers meeting in Cyprus seemed willing to give Greece some breathing room. Finance minister Maria Fekter of Austria said that Greece could get more time to meet its targets, but not more money.

Still, Samaras faces an uphill battle. Last week, Greece's so-called troika of lenders - the IMF, the ECB and the European Commission - rejected about €4 billion of Samaras's proposed cuts, saying in effect that they did not think he would be able to deliver. NYT

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On