Resolute In Athens: 'We Won't Pay For The Crisis'

Greece Greek Rioter

Anti-austerity protests are raging right now in Athens, with public transport idle, flights grounded and hospitals left with emergency staff according to the Associated Press.

Worse yet, it’s pretty clear that nobody wants to take responsibility for their country’s financial situation. The union certainly doesn’t:


The private sector union GSEE and its public sector sister ADEDY, which together represent half of the country’s 5 million workforce, say the EU-backed austerity plan will hurt the poor and aggravate the recession-hit country’s economic problems.

“Workers will raise their fist and shout with one voice: We won’t pay for the crisis,” GSEE said in a statement. “No one, nothing is going to terrorise workers.”

By this they mean that they want to continue receiving income and benefits that are ultimately financed by unsustainable debt growth for their country. So if they aren’t willing to pay, who should finance their current level of income and benefits? What if their current level isn’t justified by their output?

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at