Macro Outlook on EU: The Middle Ages

The Athens International Airport is closed today … not because of weather, or terrorist threats, but rather, because Air-traffic controllers walked off the job, as part of nationwide protests against the government‟s austerity package … specifically … wage cuts.
Banks … schools … railways … taxis … ferries … subways … railroads … and hospitals … have ALL been affected, as the country rebels, against austerity.
Of specific interest is an EU Commission report which focused on Greek railways and the Hellenic Railways Organization in particular, citing them for being fiscally „loose‟, after public railways contributed 18 billion to the government‟s 2009 debt tally. Subsequently, as part of a package approved in the Greek Parliament this morning, public transport workers salaries will be slashed by (-) 10%, a move that comes in tandem with Federal tax hikes, and cuts to healthcare benefits.
We shine the spotlight on comments from Stamatis Klapsis, 52 years old, with thirty-one years of service at a local bus depot, who told Bloomberg …
…“In terms of salaries, we are going back at least twenty-years. They are taking us back to the Middle Ages.”

(To read the rest of this report, click Fullscreen below)

Macro Outlook on EU

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