Riots add to woes in Greece
The Greek authorities are coming under more pressure as the announcement of wage cuts in the public sector sparks a number of riots across the country. This is the latest stage in what is certain to be short-term pain for medium to long term gain but this is no good for those caught up in the Greek budget deficit issue.
Despite coming out fighting last week and complaining about the speed at which the European Union has reacted to the problem, the Greek authorities are now under pressure from not only EU leaders but unions in the private and public sector. The need to slash the country's ballooning budget deficit is there for all to see and those caught up in the issue are obviously going to fight their own corner.
In simple terms, the EU has now confirmed that no financial assistance will be forthcoming until the Greek authorities announce significant spending cuts across the board. The only hope is that the authorities can at least come to some kind of short-term arrangement with the unions and with workers to at least try and stabilise the situation before it gets any worse. We need to see a concerted effort from all parties involved in the short term otherwise the potential implications are disastrous.
Share this..
Related stories
UK government pledges to spend whatever it can to keep people in employment
As we approach the next general election it is no surprise to see Alistair Darling, the Chancellor of the Exchequer, suggest that the UK government will do everything within its means to keep people in jobs, no matter what the cost. Even though UK national debt has now topped £1 trillion and the annual budget deficit is set to top £175 billion this year it seems Alistair Darling is set to pull y...
Read MoreCBI Survey Suggests That The Economic Slowdown Is Spreading
A recent survey by the CBI has highlighted the fact that the UK economic slowdown is spreading to new areas of the economy. The professional services sector, which includes the likes of lawyers and accountants, is set to see profits fall over the next 12 months even though these are services which many thought to be more recession proof than most.
When you take into account that...
Sir Stuart Rose believes VAT will push beyond 17.5%
Sir Stuart Rose, the chairman and chief executive of Marks & Spencer, has today forecast a very difficult period for the UK retail sector and the UK economy as a whole. After announcing better-than-expected figures from Marks & Spencer, with profits slightly up on the same period last year, he believes that the UK is effectively "skint" and the UK government will need to push up taxes in the short...
Read MoreWhat have we learned from the banking crisis which hit the UK?
As the dust starts to settle on the banking crisis which engulfed the UK we are entering a time of reflection when the government and regulators are looking to change the regulatory system. However, after last night's Mansion house speech it would appear that there is still substantial division between the UK government, the Bank of England and the Financial Services Authority (FSA) with regards t...
Read MoreBritish Airways seeks further union concessions
Despite the fact that British Airways talks with unions have adjourned until Wednesday it appears as though a deal is edging closer by the hour. The company is looking to agree up to 3000 redundancies which will see the company secure its short, medium and long term future although there are rumours that the company is also looking to impose a two-year pay freeze on staff.
We have d...