Greek Polls Show Massive Resistance To Any Form Of Financial Discipline

greece strike

 Greeks have little confidence that their government can push through necessary spending cuts without facing massive public opposition:

Business Week:

80 per cent of people questioned said they see more protests in the next two to three months, Kathimerini newspaper reported. The survey, published yesterday, was conducted Feb. 4- 9, after Prime Minister George Papandreou announced an increase in fuel taxes and a higher retirement age to tackle the deficit.

In the poll of 1,042 people by Public Issue pollsters, 52 per cent of respondents said they believe Greece is moving in the right direction, compared with 57 per cent in January. The poll has a margin of error of 3.2 percentage points.

In a separate poll by Proto Thema newspaper, also published yesterday, 65 per cent of those surveyed said the deficit measures were necessary. Still, 41 per cent said the government’s efforts won’t be sufficient to meet its budget targets.

While on paper Greek and European leaders may think that they can cut spending, reality could prove to be much different. In the end money has to come from somewhere if Greece can’t cut spending. So get ready for a game of chicken between Greek unions and European leaders who would need to foot the bill in the even of a true Greece bailout. Germany could be forced to pay for cushy Greek government jobs.

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