Pressures Mount On Greece: Here's What's Ahead Tomorrow

Graffiti Greece

Photo: Milos Bicanski / Getty

Headlines from Greece appear to have died down today, as Greek politicians, banking representatives, and troika officials continue to hold simultaneous negotiations on proposals that are necessary to ensure the implementation of the second Greek bailout.Tomorrow will be a big day. Here are the most important events:

  • Greece’s two major umbrella unions—the public sector ADEDY and private sector GSEE—have organised a 24-hour strike in Athens to protest the 15,000 public sector layoffs that Greek politicians approved today. They’ll also be protesting policies that would cut private sector wages by 20%, impose new government spending restrictions, and eliminate many of the benefits pensioners have been promised.
  • Meanwhile, leaders of the ruling coalition will meet tomorrow to approve the remaining austerity measures. These have been hotly debated up until now, although most analysts believe they will ultimately acquiesce to troika demands.
  • Talks between government officials and representatives of private sector bondholders on losses the latter will take as part of an organised restructuring continue. These discussions have been the focus of headlines recently, however they are being eclipsed by more pressing talks about austerity.

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