Greece is running a deficit of 13% of GDP. Other countries like Latvia, Lithuania, Ukraine, and Ireland have all implement austerity programs. Greece must also implement an austerity program.
Make no mistake-- Greece has been unfairly tarred and blackened by the credit ratings agencies-- the same agencies that were giving "AAA" to subprime junk. These same corporate agencies that created the crisis have assaulted Greek sovereignty, a small, poor country that has never defaulted on a single bond, and won. It is absolutely criminal.
However, a public sector strike, a largest union strike, a tax collector strike, and unrest does not help anyone, least of all the Greek workers.
The only result will be to send the markets into a dive, stop business investment, create more panic and fear, and in the long run this will hurt the Greek economy even more and cause even more cuts to be necessary.
If the Greeks don't want to be in this situation they should not be so dependent on foreigners buying their bonds. The Greeks themselves should buy their own government's bonds to fund whatever programs they want to pay for. That is how the United States funded World War II-- people rallied around the government, with celebrities from Hollywood travelling the country to sell bonds. As a result, the government debt was raised to over 100 percent of GDP with no problems at all.
If Greeks depend on foreign investors they must realize there is no way out but austerity. Unrest and riots is only going to make things worse.
Perhaps that is why public opinion polls show the Greek government enjoys solid support. The government in Greece is a left wing government and should be supported by the unions-- not struck against at this critical time. If the unions' strike derails the Greek economy, it will be a repeat of the 1970s in the UK when the unions strike against Jim Callaghan's moderate Labour government. In the end it will result in a conservative victory and the unions will be even more screwed than if they had cooperated with Labour.
Opinion polls show the government enjoys solid public support, with people saying they will accept tough measures if they are distributed fairly and if those involved in past scandals are punished
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The Greek people get it! Now it's time for the Greek unions to face up to facts.