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Greek general strike: thousands protest against austerity measures - live updates Greek general strike: thousands protest against austerity measures - live updates
(35 minutes later)
11.15am GMT11:15
Athens police reckon that around 24,000 people have taken to the streets in the capital, according to AP’s Elena Becatoros:
Police figures: About 24,000 people in 3 separate protest marches in Athens as part of general #strike. #Greece pic.twitter.com/u0FODaAXJl
We’re asking the unions if they agree....
11.10am GMT11:10
Twitter user Joanna P is tweeting photos from the protests in the city of Thessaloniki, including shots of riot police:
People have taken to the streets in Thessaloniki too amid the 1st general strike under #Syriza led gov pic.twitter.com/O3328CJAOu @alterthess
At least 30 police motorcycles & 5 riot squads behind anarchist groups in Thessaloniki pic.twitter.com/GBSzzhPJae @alterthess #12ngr #strike
She’s also spotted some anti-Tsipras slogans:
Baloon reads "Alexis Words". I guess it implies that #Tsipras does a lot of air talking pic.twitter.com/YGyYm2HeyQ @sapienchia #12ngr #strike
10.51am GMT10:51
Watch the protests here
Russia Today are carrying a live TV feed from Athens.
It currently shows groups of protesters with banners massing at Syntagma Square, outside the Greek parliament.
Updated at 11.22am GMT
10.32am GMT10:3210.32am GMT10:32
It looks like a solid turnout in Athens, and a peaceful protest too:It looks like a solid turnout in Athens, and a peaceful protest too:
Protesters march past parliament during first general #strike under SYRIZA-led government. #Greece pic.twitter.com/n2sos82GtRProtesters march past parliament during first general #strike under SYRIZA-led government. #Greece pic.twitter.com/n2sos82GtR
10.20am GMT10:2010.20am GMT10:20
Thousands protest outside Greek parliamentThousands protest outside Greek parliament
Thousands of people have now gathered in Syntagma Square, the site of the Athens parliament, to protest against the third Greek bailout package:Thousands of people have now gathered in Syntagma Square, the site of the Athens parliament, to protest against the third Greek bailout package:
#Greece: Thousands in front of the Parliament now for the general #strike pic.twitter.com/jz9whwKEtz#Greece: Thousands in front of the Parliament now for the general #strike pic.twitter.com/jz9whwKEtz
10.18am GMT10:1810.18am GMT10:18
Pame trade unionists have also managed to draw big crowds to a well-attended rally in the northern Greek capital of Thessaloniki.Pame trade unionists have also managed to draw big crowds to a well-attended rally in the northern Greek capital of Thessaloniki.
Our correspondent Helena Smith reports.Our correspondent Helena Smith reports.
Thousands are reported to have gathered in central Thessaloniki with online news media (those which are working, anyway) describing the protest as a blow against the “defeatism” that has marked Greece’s debt crisis to date.Thousands are reported to have gathered in central Thessaloniki with online news media (those which are working, anyway) describing the protest as a blow against the “defeatism” that has marked Greece’s debt crisis to date.
The newsit.gr site reported demonstrators as saying.The newsit.gr site reported demonstrators as saying.
“The time has now come to take matters into our hands, to wage war to avert a new crime.“The time has now come to take matters into our hands, to wage war to avert a new crime.
No submission to defeatism, fatalism, the logic that nothing can happen.”No submission to defeatism, fatalism, the logic that nothing can happen.”
By waging an “organised battle,” protestors could prevent new cost-cutting measures from being taken and win back lost rights, organisers were quoted as saying.By waging an “organised battle,” protestors could prevent new cost-cutting measures from being taken and win back lost rights, organisers were quoted as saying.
10.15am GMT10:1510.15am GMT10:15
Dimitris Karageorgopoulos, press secretary of the GSEE union, has told CNBC that the Greek government cannot backtrack on its pledges to ease austerity:Dimitris Karageorgopoulos, press secretary of the GSEE union, has told CNBC that the Greek government cannot backtrack on its pledges to ease austerity:
Before the elections, there were some promises to society. If the tactic of the government is ‘whatever we said, holds no more’, they will find the workforce in front of them.Before the elections, there were some promises to society. If the tactic of the government is ‘whatever we said, holds no more’, they will find the workforce in front of them.
We owe it to our families, our pensioners, and the young people who are leaving Greece. We can’t take this anymore. Not just the measures, but being fooled”.We owe it to our families, our pensioners, and the young people who are leaving Greece. We can’t take this anymore. Not just the measures, but being fooled”.
My latest update on the #Greekeconomy, as #Greece's #Tsipras faces general strike https://t.co/Qj6STmxGbUMy latest update on the #Greekeconomy, as #Greece's #Tsipras faces general strike https://t.co/Qj6STmxGbU
10.09am GMT10:0910.09am GMT10:09
Kathimerini’s cartoonist has taken a pop at prime minister Alexis Tsipras, over Syriza’s support for today’s protests:Kathimerini’s cartoonist has taken a pop at prime minister Alexis Tsipras, over Syriza’s support for today’s protests:
Cartoon https://t.co/h54J3zO77j pic.twitter.com/WMbOhWmfmhCartoon https://t.co/h54J3zO77j pic.twitter.com/WMbOhWmfmh
Updated at 10.10am GMTUpdated at 10.10am GMT
9.54am GMT09:549.54am GMT09:54
When it comes to an organised protest, you can’t beat Greece’s PAME union:When it comes to an organised protest, you can’t beat Greece’s PAME union:
9.49am GMT09:499.49am GMT09:49
Associated Press confirms that public services have shut down across Greece today, in the first general strike since Syriza won power in January.Associated Press confirms that public services have shut down across Greece today, in the first general strike since Syriza won power in January.
Public transport was severely disrupted, with the Athens metro not running, bus and trolley routes reduced and ferries tied up in port, severing connections between islands and the mainland. The strike shut down museums, schools and pharmacies, while state hospitals were functioning with emergency staff.Public transport was severely disrupted, with the Athens metro not running, bus and trolley routes reduced and ferries tied up in port, severing connections between islands and the mainland. The strike shut down museums, schools and pharmacies, while state hospitals were functioning with emergency staff.
More than a dozen domestic flights were canceled, while journalists also walked off the job, pulling news bulletins off the air except to report on the strike. News websites were not being updated, while no Friday newspapers were to be printed.More than a dozen domestic flights were canceled, while journalists also walked off the job, pulling news bulletins off the air except to report on the strike. News websites were not being updated, while no Friday newspapers were to be printed.
Here's @AP story on #Greece's general strike https://t.co/pDiB67oXGw pic.twitter.com/lbxp2MjWMrHere's @AP story on #Greece's general strike https://t.co/pDiB67oXGw pic.twitter.com/lbxp2MjWMr
9.46am GMT09:469.46am GMT09:46
Rail travellers are also out of luck:Rail travellers are also out of luck:
9.40am GMT09:409.40am GMT09:40
Members of PAME, the Communist-affiliated union, are now marching through Athens:Members of PAME, the Communist-affiliated union, are now marching through Athens:
Updated at 9.41am GMTUpdated at 9.41am GMT
9.38am GMT09:389.38am GMT09:38
Syriza’s decision to publicly support today’s strike is being widely commented on in Athens, and abroad:Syriza’s decision to publicly support today’s strike is being widely commented on in Athens, and abroad:
#Greece gen strike: so far good-natured & much hilarity that governing #Syriza party in surreal move also supporting the walk-out!#Greece gen strike: so far good-natured & much hilarity that governing #Syriza party in surreal move also supporting the walk-out!
Today in Greece, #Syriza has called for a 24hr general strike against the austerity measures imposed by #Syriza. We do have fun. #GreeceToday in Greece, #Syriza has called for a 24hr general strike against the austerity measures imposed by #Syriza. We do have fun. #Greece
It shows who actually holds the levers of power in Athens, argues Bruno Waterfield of The Times:It shows who actually holds the levers of power in Athens, argues Bruno Waterfield of The Times:
It's all about who is really in charge - eurozone rules the province once known as the Hellenic Republic https://t.co/gOgl1ChS8EIt's all about who is really in charge - eurozone rules the province once known as the Hellenic Republic https://t.co/gOgl1ChS8E
Updated at 9.38am GMTUpdated at 9.38am GMT
9.30am GMT09:309.30am GMT09:30
Mario Draghi’s defence of the eurozone’s austerity programmes is being challenged by MEPs from Ireland:Mario Draghi’s defence of the eurozone’s austerity programmes is being challenged by MEPs from Ireland:
Irish MEP flips back Draghi's phrasing - 'The ECB wasn't a firefighter in our crisis. It was one of the arsonists'Irish MEP flips back Draghi's phrasing - 'The ECB wasn't a firefighter in our crisis. It was one of the arsonists'
Ireland was controversially forced to nationalise its failed banks under pressure from the ECB, sparing bondholders from losses at the expense of the Irish taxpayer.Ireland was controversially forced to nationalise its failed banks under pressure from the ECB, sparing bondholders from losses at the expense of the Irish taxpayer.
9.24am GMT09:249.24am GMT09:24
Greek protesters fear for the futureGreek protesters fear for the future
Helena SmithHelena Smith
Protestors representing the country’s two biggest unions in both the public and private sector are converging on Klafmonos square in central Athens now for today’s protest rallyProtestors representing the country’s two biggest unions in both the public and private sector are converging on Klafmonos square in central Athens now for today’s protest rally
Helena Smith reports:Helena Smith reports:
Their central slogan; “No to new and old memorandums.” Under bright sunshine Klafmonos - so named for the workers who wept in the square more than a century ago when successive governments swept them from their public sector jobs - has become a sea of good-natured resistance.Their central slogan; “No to new and old memorandums.” Under bright sunshine Klafmonos - so named for the workers who wept in the square more than a century ago when successive governments swept them from their public sector jobs - has become a sea of good-natured resistance.
Marilena Pavlou, a nursery school teacher told me that the mood will soon darken.Marilena Pavlou, a nursery school teacher told me that the mood will soon darken.
“The situation is tragic and soon when the government pushes us more on the tax front, more on the cuts front it won’t be good natured at all.“The situation is tragic and soon when the government pushes us more on the tax front, more on the cuts front it won’t be good natured at all.
“Everyone I know is dreading this winter. We are caught up in a vicious cycle, the government knows that, the people know that, the Europeans know it too. All my friends who supported Syriza are beginning to leave en masse. It’s scary.”“Everyone I know is dreading this winter. We are caught up in a vicious cycle, the government knows that, the people know that, the Europeans know it too. All my friends who supported Syriza are beginning to leave en masse. It’s scary.”
By 10:45 AM local time central Athens had been turned into a vast mass of protestors with Pame, the militant communist-backed union, drawing thousands onto the streets in a march on parliament, up from Omonia square.By 10:45 AM local time central Athens had been turned into a vast mass of protestors with Pame, the militant communist-backed union, drawing thousands onto the streets in a march on parliament, up from Omonia square.
Taxes, salaries and what is widely perceived as the ransacking of the social security system in the form of pension cuts, are the focus of the protests - and the myriad banners held aloft by protestors.Taxes, salaries and what is widely perceived as the ransacking of the social security system in the form of pension cuts, are the focus of the protests - and the myriad banners held aloft by protestors.
Giorgos Tsoukas, an erstwhile factory manager, says he spent 40 years contributing to social security payments only “to see it all collapse before I could enjoy any of it.”Giorgos Tsoukas, an erstwhile factory manager, says he spent 40 years contributing to social security payments only “to see it all collapse before I could enjoy any of it.”
“Every month my pension has been cut by 50 euro or more and the government expects me to keep coughing up more in taxes.”“Every month my pension has been cut by 50 euro or more and the government expects me to keep coughing up more in taxes.”
Updated at 10.11am GMTUpdated at 10.11am GMT
9.21am GMT09:219.21am GMT09:21
Tourists hoping to visit the legendary Acropolis in Athens today are in for disappointment. It’s closed today, as staff take part in the walkout:Tourists hoping to visit the legendary Acropolis in Athens today are in for disappointment. It’s closed today, as staff take part in the walkout:
9.18am GMT09:189.18am GMT09:18
Back in Greece, government spokeswoman Olga Gerovasili has denied that Syriza is wrong to support today’s protests against the bailout programme it signed up to.Back in Greece, government spokeswoman Olga Gerovasili has denied that Syriza is wrong to support today’s protests against the bailout programme it signed up to.
Reuters has the details:Reuters has the details:
The party has said it will implement its side of the bargain with lenders, but has long maintained that the bailout terms are excessively harsh.The party has said it will implement its side of the bargain with lenders, but has long maintained that the bailout terms are excessively harsh.
“We are implementing an agreement which includes (bailout) measures which are unfair,” Gerovasili said.“We are implementing an agreement which includes (bailout) measures which are unfair,” Gerovasili said.
9.05am GMT09:059.05am GMT09:05
9.03am GMT09:039.03am GMT09:03
Draghi: Don't blame us for bailout miseryDraghi: Don't blame us for bailout misery
It’s wrong to blame the European Central Bank for the austerity misery suffered by bailed-out eurozone members, Mario Draghi claims.It’s wrong to blame the European Central Bank for the austerity misery suffered by bailed-out eurozone members, Mario Draghi claims.
The ECB chief is defending the way events unfolded in Ireland, Greece, Cyprus and beyond, arguing that things would have been even worse without the ‘adjustment programmes’ demanded by creditor.The ECB chief is defending the way events unfolded in Ireland, Greece, Cyprus and beyond, arguing that things would have been even worse without the ‘adjustment programmes’ demanded by creditor.
During his testimony to the European Parliament, Draghi says:During his testimony to the European Parliament, Draghi says:
Since 2010, three countries have now successfully completed their programmes, and Ireland is a particularly good example of how such programmes can deliver the necessary adjustment and restore financial stability, economic competitiveness and fiscal sustainability. It has shown that a country which takes strong ownership of its programme can come out of it with robust growth and a more stable financial system, and that eventually employment will also rebound.Since 2010, three countries have now successfully completed their programmes, and Ireland is a particularly good example of how such programmes can deliver the necessary adjustment and restore financial stability, economic competitiveness and fiscal sustainability. It has shown that a country which takes strong ownership of its programme can come out of it with robust growth and a more stable financial system, and that eventually employment will also rebound.
There is no doubt that the adjustment process was painful. But we should keep in mind that the adjustment would have caused significantly more hardship in the absence of financial assistance. The programmes had to address excessive macroeconomic imbalances which had accumulated over several years in the run-up to the crisis, often reflecting misguided national economic policies.There is no doubt that the adjustment process was painful. But we should keep in mind that the adjustment would have caused significantly more hardship in the absence of financial assistance. The programmes had to address excessive macroeconomic imbalances which had accumulated over several years in the run-up to the crisis, often reflecting misguided national economic policies.
As we have said before: don’t blame the fire damage on the fire brigade.As we have said before: don’t blame the fire damage on the fire brigade.
#Draghi on harshness of euro-area bailout programs: "don’t blame the fire damage on the fire brigade" https://t.co/TzQ4hV3Oc5#Draghi on harshness of euro-area bailout programs: "don’t blame the fire damage on the fire brigade" https://t.co/TzQ4hV3Oc5
Draghi: Let's not forget that Ireland's banking crisis was "entirely home-made"Draghi: Let's not forget that Ireland's banking crisis was "entirely home-made"
Central bankers are never wrong about anything, of course.Central bankers are never wrong about anything, of course.
But critics will argue that some of the austerity measures forced on Greece actually threw petrol, not water, on the flames, helping to wipe out 25% of GDP.But critics will argue that some of the austerity measures forced on Greece actually threw petrol, not water, on the flames, helping to wipe out 25% of GDP.
Updated at 9.05am GMTUpdated at 9.05am GMT
8.48am GMT08:488.48am GMT08:48
Euro hits new seven-month lowEuro hits new seven-month low
#Draghi talks, the euro tanks. Now below 1.07, new 7-month low.#Draghi talks, the euro tanks. Now below 1.07, new 7-month low.
8.47am GMT08:478.47am GMT08:47
European Central Bank chief Mario Draghi has begun testifying to the European Parliament, and sent the euro falling.European Central Bank chief Mario Draghi has begun testifying to the European Parliament, and sent the euro falling.
Draghi began by warning that the eurozone faces clear ‘downside risks’ from the global economy, and weakening inflation pressure too.Draghi began by warning that the eurozone faces clear ‘downside risks’ from the global economy, and weakening inflation pressure too.
Euro draghid lower as #ECB's Draghi sees downside econ risks. pic.twitter.com/MyFQYuc7m4Euro draghid lower as #ECB's Draghi sees downside econ risks. pic.twitter.com/MyFQYuc7m4
Here’s the key quote:Here’s the key quote:
Downside risks stemming from global growth and trade are clearly visible.Downside risks stemming from global growth and trade are clearly visible.
Moreover, inflation dynamics have somewhat weakened, mainly due to lower oil prices and the delayed effects of the stronger euro exchange rate seen earlier in the year. In addition, price pressures – such as from producer prices – remain very subdued.Moreover, inflation dynamics have somewhat weakened, mainly due to lower oil prices and the delayed effects of the stronger euro exchange rate seen earlier in the year. In addition, price pressures – such as from producer prices – remain very subdued.
And he followed up with a hint that further stimulus may be required, perhaps as soon as next month:And he followed up with a hint that further stimulus may be required, perhaps as soon as next month:
#Draghi At our December monetary policy meeting, we will re-examine the degree of monetary policy accommodation #ECB #QE#Draghi At our December monetary policy meeting, we will re-examine the degree of monetary policy accommodation #ECB #QE
ECB's Draghi: QE would run beyond end-September 2016 if neededECB's Draghi: QE would run beyond end-September 2016 if needed
Updated at 8.48am GMTUpdated at 8.48am GMT
8.32am GMT08:328.32am GMT08:32
Greek unions pledge to fight austerityGreek unions pledge to fight austerity
Today’s walkout could be the start of a winter of discontent in Greece.Today’s walkout could be the start of a winter of discontent in Greece.
Unions are vowing to intensify the pressure against further austerity measures being implemented, arguing that Greek citizens cannot take any more.Unions are vowing to intensify the pressure against further austerity measures being implemented, arguing that Greek citizens cannot take any more.
Our Athens correspondent Helena Smith reports:Our Athens correspondent Helena Smith reports:
“The winter is going to be explosive and this will mark the beginning,” said Grigoris Kalomoiris, a leading member of the civil servants’ union Adedy.“The winter is going to be explosive and this will mark the beginning,” said Grigoris Kalomoiris, a leading member of the civil servants’ union Adedy.
“When the average wage has already been cut by 30%, when salaries are already unacceptably low, when the social security system is at risk of collapse, we cannot sit still,” he said.“When the average wage has already been cut by 30%, when salaries are already unacceptably low, when the social security system is at risk of collapse, we cannot sit still,” he said.
Here’s her early report on the general strike:Here’s her early report on the general strike:
Related: 'Our rage will be relentless': Syriza faces mass strike in GreeceRelated: 'Our rage will be relentless': Syriza faces mass strike in Greece
8.31am GMT08:318.31am GMT08:31
Back in the City, shares in UK engineering group Rolls-Royce have plunged by a fifth at the start of trading.Back in the City, shares in UK engineering group Rolls-Royce have plunged by a fifth at the start of trading.
The company has shocked investors with another profits warning, saying that the outlook for 2016 has deteriorated sharply and is now ‘very challenging’.The company has shocked investors with another profits warning, saying that the outlook for 2016 has deteriorated sharply and is now ‘very challenging’.
Related: Rolls-Royce share price plunges after latest profit warningRelated: Rolls-Royce share price plunges after latest profit warning
8.12am GMT08:128.12am GMT08:12
Transport disruption in GreeceTransport disruption in Greece
All Greece’s public services, including tax offices and utilities, are due to be closed today to mark the general strike:All Greece’s public services, including tax offices and utilities, are due to be closed today to mark the general strike:
The Kathimerini newspaper has the details:The Kathimerini newspaper has the details:
Public hospitals will be operating with skeleton staff. Pharmacists, doctors, teachers and bank employees will also walk off the job.Public hospitals will be operating with skeleton staff. Pharmacists, doctors, teachers and bank employees will also walk off the job.
The Athens metro will be shut throughout the day, as will the Proastiakos suburban railway and intercity trains. The Kifissia-Piraeus electric railway (ISAP) will only operate between 10 a.m. and 4 p.m. Buses in the capital will be out of service before 9 a.m. and after 9 p.m. There will be no ferry connections between the mainland and the islands as the Panhellenic Seamens’ Federation (PNO) is also joining in the strike. Aegean Airlines and Olympic Air have announced flight cancellations for Thursday.The Athens metro will be shut throughout the day, as will the Proastiakos suburban railway and intercity trains. The Kifissia-Piraeus electric railway (ISAP) will only operate between 10 a.m. and 4 p.m. Buses in the capital will be out of service before 9 a.m. and after 9 p.m. There will be no ferry connections between the mainland and the islands as the Panhellenic Seamens’ Federation (PNO) is also joining in the strike. Aegean Airlines and Olympic Air have announced flight cancellations for Thursday.
Museums and archaeological sites will be shut as guards will not be working.Museums and archaeological sites will be shut as guards will not be working.
8.01am GMT08:018.01am GMT08:01
Belgian finance minister criticises Syriza for supporting strikeBelgian finance minister criticises Syriza for supporting strike
Belgium’s finance minister has just blasted Greece’s ruling party for backing today’s general strike, against a bailout it signed up to.Belgium’s finance minister has just blasted Greece’s ruling party for backing today’s general strike, against a bailout it signed up to.
Johan Van Overtveldt tweeted that the move “strange and dangerous”, at a time when Athens should be racing to meet its bailout targets.Johan Van Overtveldt tweeted that the move “strange and dangerous”, at a time when Athens should be racing to meet its bailout targets.
Strange & dangerous logic in Athens: Syriza organises strike against program its own government pledges to execute. Sense of urgency needed.Strange & dangerous logic in Athens: Syriza organises strike against program its own government pledges to execute. Sense of urgency needed.
Updated at 8.03am GMTUpdated at 8.03am GMT
7.58am GMT07:587.58am GMT07:58
In what may be a first for the eurozone, today’s general strike is actually supported by the ruling party, Alexis Tsipras’s Syriza coalition.In what may be a first for the eurozone, today’s general strike is actually supported by the ruling party, Alexis Tsipras’s Syriza coalition.
Yesterday Syriza’s Labor Policy Department called on all workers, unemployed, pensioners and students to join the general strike on Thursday.Yesterday Syriza’s Labor Policy Department called on all workers, unemployed, pensioners and students to join the general strike on Thursday.
They urged citizens to “actively respond” to the pressure of creditors who continue “the dynamics of extreme, unpopular neoliberal policies.”They urged citizens to “actively respond” to the pressure of creditors who continue “the dynamics of extreme, unpopular neoliberal policies.”
These policies, though, were accepted by Tsipras under huge pressure this summer, when Greece finally caved into a third bailout deal.These policies, though, were accepted by Tsipras under huge pressure this summer, when Greece finally caved into a third bailout deal.
It’s quite a paradox...It’s quite a paradox...
#greek general strike is supported by the key Government party against the measures of which it is targeted. #oxymoron #surreal#greek general strike is supported by the key Government party against the measures of which it is targeted. #oxymoron #surreal
7.40am GMT07:407.40am GMT07:40
Today’s walkout is the first general strike to hit Greece under prime minister Alexis Tsipras’s leadership:Today’s walkout is the first general strike to hit Greece under prime minister Alexis Tsipras’s leadership:
It will be a new experience for the left-wing leader, as Bloomberg reports:It will be a new experience for the left-wing leader, as Bloomberg reports:
As Greek workers take to the streets in protest on Thursday, Alexis Tsipras will for the first time be on the other side of the barricades.As Greek workers take to the streets in protest on Thursday, Alexis Tsipras will for the first time be on the other side of the barricades.
Unions -- a key support base for the prime minister’s Syriza party -- will chant the same slogans Tsipras once used against opponents. Doctors and pharmacists will join port workers, civil servants and Athens metro staff in Greece’s first general strike since he took office in January, bringing the country to a standstill for 24 hours.Unions -- a key support base for the prime minister’s Syriza party -- will chant the same slogans Tsipras once used against opponents. Doctors and pharmacists will join port workers, civil servants and Athens metro staff in Greece’s first general strike since he took office in January, bringing the country to a standstill for 24 hours.
ADEDY and GSEE, Greece’s biggest unions, have called for a rally at 11 am local time [9am GMT], accusing Tsipras of bowing to creditors and imposing measures that “perpetuate the dark ages for workers.”ADEDY and GSEE, Greece’s biggest unions, have called for a rally at 11 am local time [9am GMT], accusing Tsipras of bowing to creditors and imposing measures that “perpetuate the dark ages for workers.”
Greece comes to a standstill as general strike sees unions turn against PM https://t.co/8rVybGgsqr pic.twitter.com/K7vrR5WVH2Greece comes to a standstill as general strike sees unions turn against PM https://t.co/8rVybGgsqr pic.twitter.com/K7vrR5WVH2
Updated at 7.42am GMTUpdated at 7.42am GMT
7.26am GMT07:267.26am GMT07:26
The agenda: General strike in Greece, Draghi faces MEPsThe agenda: General strike in Greece, Draghi faces MEPs
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Public anger over Greece’s third bailout will hit the streets today, as its biggest unions call a 24-hour walkout and protests in Athens.Public anger over Greece’s third bailout will hit the streets today, as its biggest unions call a 24-hour walkout and protests in Athens.
Greece will grind to a standstill as workers demonstrate against the tax rises and pension reforms agreed with its creditors this summer, in return for a third bailout. Shops and offices will be shuttered, and transport links disrupted, as Greeks vent their frustrations over the state of play.Greece will grind to a standstill as workers demonstrate against the tax rises and pension reforms agreed with its creditors this summer, in return for a third bailout. Shops and offices will be shuttered, and transport links disrupted, as Greeks vent their frustrations over the state of play.
The scale of the protest will highlight how much public anger and disappointment is bubbling away in the country.The scale of the protest will highlight how much public anger and disappointment is bubbling away in the country.
A year which began with prime minister Alexis Tsipras promising to end austerity draws to an end with more painful cuts and tax hikes looming.A year which began with prime minister Alexis Tsipras promising to end austerity draws to an end with more painful cuts and tax hikes looming.
The protests comes as the Athens authorities try to reach agreement with creditors to unlock the next tranche of aid from July’s bailout deal.The protests comes as the Athens authorities try to reach agreement with creditors to unlock the next tranche of aid from July’s bailout deal.
They are still at odds over how to implement laws covering mortgages in default and other bad debts.They are still at odds over how to implement laws covering mortgages in default and other bad debts.
Greece has until Monday to reach a compromise, and unlock €2bn in loans plus €10-bn to recapitalise its banking sector. The stakes are rising again.....Greece has until Monday to reach a compromise, and unlock €2bn in loans plus €10-bn to recapitalise its banking sector. The stakes are rising again.....
Also coming up this morningAlso coming up this morning
Mario Draghi, the ECB president, is due to testify at the European Parliament this morning, from 8.30am GMT (9.30am Brussels). He’ll be fielding questions on the eurozone economy, the deflation threat, as well as Greece I imagine.Mario Draghi, the ECB president, is due to testify at the European Parliament this morning, from 8.30am GMT (9.30am Brussels). He’ll be fielding questions on the eurozone economy, the deflation threat, as well as Greece I imagine.
A flurry of top Federal Reserve officials are also speaking today, including Fed chair Janet Yellen.A flurry of top Federal Reserve officials are also speaking today, including Fed chair Janet Yellen.
That should set ears waggling in the City and on Wall Street, for hints that US interest rates may be hiked in December.That should set ears waggling in the City and on Wall Street, for hints that US interest rates may be hiked in December.
Plenty of Fed speakers today: #Yellen,Evans, #Lacker, #Dudley.First peep from Yellen since last week's #payroll blockbuster. @newsdotmarketsPlenty of Fed speakers today: #Yellen,Evans, #Lacker, #Dudley.First peep from Yellen since last week's #payroll blockbuster. @newsdotmarkets
While in the City, engine maker Rolls Royce has just cut its profit guidance for 2016 - more on that shortly....While in the City, engine maker Rolls Royce has just cut its profit guidance for 2016 - more on that shortly....
Engine maker Rolls-Royce cuts profit forecast again - fourth profit warning in just over a yearEngine maker Rolls-Royce cuts profit forecast again - fourth profit warning in just over a year
Fashion group Burberry and cars-to-cycles group Halfords are also reporting results.Fashion group Burberry and cars-to-cycles group Halfords are also reporting results.
Burberry, which issued a profits warning last month, has posted a 5% rise in adjusted profits for the last six months. But it also cautions that “the external environment became more challenging in key markets over the period”. That’s the slowing Chinese economy.Burberry, which issued a profits warning last month, has posted a 5% rise in adjusted profits for the last six months. But it also cautions that “the external environment became more challenging in key markets over the period”. That’s the slowing Chinese economy.
And Halfords has warned that its cycling sales are down again, due to weakness in July and August.And Halfords has warned that its cycling sales are down again, due to weakness in July and August.
We’ll be tracking all the main events through the day...We’ll be tracking all the main events through the day...
Updated at 7.47am GMTUpdated at 7.47am GMT