Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Sarkozy criticised for comments about former justice minister's origins

Read more

INSIDE THE AMERICAS

Mexico kidnappings: Mother speaks out over missing daughter

Read more

DEBATE

The Pope's wake-up call: How to kickstart 'haggard' Europe (part 2)

Read more

DEBATE

The Pope's wake-up call: How to kickstart 'haggard' Europe

Read more

WEB NEWS

USA: African Americans call to boycott "Black Friday"

Read more

IN THE PAPERS

How not to argue over Thanksgiving dinner

Read more

IN THE PAPERS

Just how green is François Hollande?

Read more

BUSINESS DAILY

Oil prices ‘could fall further’ without OPEC output cut

Read more

ENCORE!

Film Show: 'Nobody From Nowhere', 'Asterix and Obelix' and 'In The Family'

Read more

Europe

Anti-austerity protesters block government buildings

Text by News Wires

Latest update : 2011-10-04

A day after eurozone ministers delayed a decision to give Greece the next instalment of bailout cash, demonstrators protesting pay cuts blocked the entrances to the finance and labour ministries in Athens Tuesday.

AP - Dozens of protesters blocked the entrances to Greece's finance and labor ministries on Tuesday to voice fears over their job security and pay cuts as the cash-strapped country struggled to avoid a financial meltdown that threatens to prolong a global recession.

Protesters in front of the finance ministry's shuttered doors say they don't want to be among the thousands of public sector workers to be suspended on reduced pay as part of additional spending cuts the beleaguered Greek government is making to meet fiscal targets and keep receiving bailout money.

A PAME union press release said protesters in front of the labor ministry accuse the government of giving in to business interests by slashing the minimum wage and scrapping collective bargaining agreements.

Greece depends on a 110 billion ($150 billion) bailout from other eurozone countries and the International Monetary Fund to pay its bills. It was granted a second, 109 billion bailout in July, but details of that deal remain to be worked out.

Eurozone finance chiefs indicated early Tuesday that Greece will get a loan installment to avoid default, even after Athens said it won't be able to cut its budget deficit to a promised target in exchange for help.

A string of missed fiscal targets has stoked fears that Greece - weighed under a massive debt load - is headed toward certain default, stalling the global economy's slow recovery from recession.

Jean-Claude Juncker, the Luxembourg prime minister who also chairs the meetings of eurozone finance ministers, said that ``everything will be done to avoid'' a Greek default.

Juncker said the other ministers would decide on handing Greece another 8 billion ($10.8 billion) from the first ¤110 billion bailout later this month.

He said the country would be able to meet its financial obligations as long as it receives the money by November, although Athens has said in the past it would start running out of money by the middle of this month.

Debt inspectors from the IMF, European Central Bank and European Commission, known as the troika, are in Greece reviewing reforms to see if Athens has done enough to receive the next bailout installment.

 

Date created : 2011-10-04

  • GREECE

    Eurozone delays decision on crucial loans to Greece

    Read more

  • GREECE

    Missed targets cast doubt on Europe's recipe for Greece

    Read more

  • GREECE

    Greece to miss deficit targets despite austerity measures

    Read more

COMMENT(S)