Share

Greek labour unions demonstrate ahead of budget

Athens - Greek labour unions were preparing to take to the streets of Athens Sunday ahead of a midnight budget vote by lawmakers.

Workers are opposed to the government's plans to continue pushing through harsh austerity measures, including tax hikes, as well as salary and pension cuts.

The 2015 budget, which has not met the approval of the country's international lenders, foresees an economic growth rate of 2.9% and unemployment falling from 24.8% to 22.6%.

Athens also says it will achieve a primary budget surplus of €3.3bn, or 3% of gross domestic product (GDP) next year, which is in line with international bailout estimates.

It also estimates that the budget deficit will be €338 million euros or 0.2% of GDP next year. Creditors, however, insist it will be closer to 3% and demand a new austerity drive.

But the unpopular coalition government is keen to avoid such measures in order to ward off snap elections next year.

Opinion polls show the far-left anti-bailout Syriza party ahead of the conservative-led coalition and would most likely win if elections were held in the immediate future.

Greece's public service union, Adedy, said the "budget would lead Greeks into greater deprivation and would increase poverty," in a written statement ahead of Sunday's rallies.

Despite surpassing its budget targets, negotiations between the government and creditors - made up of the European Commission, the European Central Bank and the International Monetary Fund, collectively known as the troika - remain deadlocked.

Aside from the projected size of the budget gap, both sides also remain at odds over pension and labour market reforms.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.12
+0.4%
Rand - Pound
23.79
-0.4%
Rand - Euro
20.45
-0.0%
Rand - Aus dollar
12.39
-0.1%
Rand - Yen
0.12
+0.4%
Platinum
921.70
-1.0%
Palladium
1,028.00
+1.2%
Gold
2,319.70
-0.3%
Silver
27.17
-0.0%
Brent Crude
87.00
-0.3%
Top 40
68,051
+0.8%
All Share
74,011
+0.6%
Resource 10
59,613
-2.2%
Industrial 25
102,806
+1.7%
Financial 15
15,897
+1.8%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders