Greek Strikes Ahead of Austerity Vote

The Greeks continued to prove that they can be their own worst enemies. Constant strikes there take businesses offline and almost certainly hurt the flow of tourism critical to the economy.

The Greek parliament will vote on extreme austerity measures this week, which its leadership seeks in exchange for desperately needed financial aid. The strikes also serve as a reminder to the European Union and International Monetary Fund that a fickle electorate may throw out current leaders for ones who might repudiate austerity budgets, and once again Greece will be thrown into turmoil. That, in turn, makes it more likely that Greece could leave the alliance completely and default on what is left of its sovereign obligations.

CNN reports:

The nation of Greece comes to a screeching halt again for two days starting Tuesday. Unions have called for a 48-hour general strike ahead of an anticipated vote by the Greek government on yet another round of austerity measures late Wednesday night. Protesters will march on the parliament in central Athens on both days.

Douglas A. McIntyre


Filed under: 24/7 Wall St. Wire, Economy, International Markets

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