Strikes in Greece Threaten Its GDP

Spain is not the only nation with the problem of citizens who have taken to the streets to attack austerity. In Greece, the protesters numbers as high as hundreds of thousands - impressive in a nation with such a small population. These strikes threaten more than a toppled government; each day many people refuse to work is another blow to Greece's gross domestic product. Its GDP already is falling at a rate of more than 6% year-over-year.

According to the Wall Street Journal:

The 24-hour strike, called by the country's two giant umbrella unions–GSEE and ADEDY–is the first since a three-party coalition government led by Prime Minister Antonis Samaras took office in June, and represents the first real test of public opposition to the cutbacks.

The strike brought public services to a standstill across the country, closing government offices, schools, museums and courts, while hospitals were operating on skeleton staff. A partial transit strike in the Greek capital, Athens, affected early morning commuters, while train and ferry operations around the country were suspended.

A three-hour walkout by air traffic controllers disrupted flight schedules around Greece, while bank workers, teachers, lawyers, merchants and doctors were also joining the strike.

Douglas A. McIntyre

Filed under: 24/7 Wall St. Wire, Austerity, International Markets Tagged: featured