Don’t expect Greeks to swallow their medicine willingly.
Civil servants in the massive default risk country launched a 24-hour strike today to protest government cutbacks. Mob chants included “We won’t pay for their crisis!” and “Not one euro to be sacrificed to the bankers!” according to the New York Times.
Strikes are a beloved tradition in many European countries, but they do make financial reform hard. Recently, Iceland refused payment on a financial crisis debt for fear of angering the population.
Air traffic controllers, customs and tax officials, hospital doctors and schoolteachers are involved in Greece’s strike. Needless to say, that means basically no economic progress in Greece today.
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