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Greek economy on verge of meltdown

Unemployment in Greece has soared to 10.6%, the highest in five years, compared to 7.8% a year earlier. It has also been revealed that civil servants in Greece are set to join the private sector strike on 24 February in protest at spending cuts in the Greek budget. At the moment the Greece authorities are being pulled from both sides with the European Union demanding a massive reduction in spending and civil servants and unions opposed to such cuts.

There is a need to address the situation as soon as possible because it has been noticed that both public and private sector investment has stalled since the budget deficit soared out of control. The European Union has put forward a potential financial bailout package but part of the agreement will see massive cuts in public spending. So where does this leave the Greek authorities at the moment?

There is no doubt there will be more short-term pain for the Greece authorities in the short to medium term with unions having already called a strike on 24 February with the potential for more industrial action in the future. How quickly the European Union will be able to forward financial backing remains to be seen but the situation is on the verge of meltdown.

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