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| Version 2 | Version 3 |
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| Eurozone crisis live: Strikes in Greece as Europe demands more cuts | Eurozone crisis live: Strikes in Greece as Europe demands more cuts |
| (40 minutes later) | |
| 9.25am: Update on the strikes -- people are gathering in Syntagma square, the area in the centre of Athens outside its parliament. | |
| Some are carrying loudspeakers, and Reuters reports that slogans are being chanted across the square -- including: | |
| No to layoffs! No to salary cuts! No to pension cuts! Do not bow your heads! Resist! | |
| Teachers, hospital staff and bank employees are all joining in the strike, although we don't get have details of how many people are taking part in the industrial action. | |
| There were marches on the streets of Athens on Tuesday during another general strike -- turnout wasn't as high as at some previous demo's, partly due to heavy rain in the city. Today's marches will be closely watched to show the level of public anger. | |
| 9.04am: We recently created a Flickr page called "Greece - life in an economic crisis", where readers can upload their own pictures from the country (hat-tip Laura Oliver). It's still open – Greek readers might wish to upload their images. | |
| 8.59am: If you're in Greece today -- we'd be very grateful to hear how the strike is affecting you. Are you taking part? Do you support the action? | 8.59am: If you're in Greece today -- we'd be very grateful to hear how the strike is affecting you. Are you taking part? Do you support the action? |
| Let us know in the comment below, or via email (graeme.wearden@guardian.co.uk) or Twitter (@graemewearden). | Let us know in the comment below, or via email (graeme.wearden@guardian.co.uk) or Twitter (@graemewearden). |
| Many thanks again if you helped out with this on Tuesday. | Many thanks again if you helped out with this on Tuesday. |
| 8.51am: The Greek transport system has been disrupted this morning as the 48-hour strike called by the country's two biggest unions gets under way. | 8.51am: The Greek transport system has been disrupted this morning as the 48-hour strike called by the country's two biggest unions gets under way. |
| Some railway, ferry and public transport schedules are suspended, as this picture shows. | Some railway, ferry and public transport schedules are suspended, as this picture shows. |
| Unions are planning to hold protests several cities, including Athens, around midday local time (10am GMT). | Unions are planning to hold protests several cities, including Athens, around midday local time (10am GMT). |
| 8.41am: Germany will vote in 17 days on whether Greece should receive its second bailout. | 8.41am: Germany will vote in 17 days on whether Greece should receive its second bailout. |
| Klaus Ernst, the co-leader of the opposition Left Party, has just told reporters that Angela Merkel briefed the leaders of the five parties in the lower parliamentary chamber about the Greek situation. According to Ernst: | Klaus Ernst, the co-leader of the opposition Left Party, has just told reporters that Angela Merkel briefed the leaders of the five parties in the lower parliamentary chamber about the Greek situation. According to Ernst: |
| We will probably have a special meeting of the Bundestag on February 27 to make decisions. | We will probably have a special meeting of the Bundestag on February 27 to make decisions. |
| Another hurdle for the Greek bailout package to clear. | |
| As I understand it (but I am very happy to be corrected) every eurozone parliament must give its approval to the €130bn package -- in the same way that they approved the changes to the eurozone bailout fund last autumn (although Slovakia initially opposed it). The French government gave its approval last September (when the bailout was a mere €109bn). | |
| The immediate deadline, though, is next Wednesday – when the eurogroup of finance ministers meets again. | |
| That gives the Greek government just five days to meet the new demands, which Elizabeth Afseth of Investec says will be challenging: | That gives the Greek government just five days to meet the new demands, which Elizabeth Afseth of Investec says will be challenging: |
| Specifying another €325m in savings will not be easy and getting the party leaders to sign up for it may be even trickier with an election looming. | Specifying another €325m in savings will not be easy and getting the party leaders to sign up for it may be even trickier with an election looming. |
| Although as regular commentator RobertSchuman points out below, the €325m does not represent an increase on the original target of €3.3bn of budget savings. The eurogroup is demanding deeper cuts than contained in the plan that Greece politicians agreed to on Thursday. | |
| 8.14am: Most of Europe's stock markets have opened lower this morning. The FTSE 100 index dropped 30 points to 5864, a drop of around 0.5%. | 8.14am: Most of Europe's stock markets have opened lower this morning. The FTSE 100 index dropped 30 points to 5864, a drop of around 0.5%. |
| That's partly due to disappointment over Greece, but shares have also been dented by disappointing trade data from China suggesting the global economy is slowing. | That's partly due to disappointment over Greece, but shares have also been dented by disappointing trade data from China suggesting the global economy is slowing. |
| Greek bonds have dropped in value this morning, as economist Shaun Richards points out on Twitter: | Greek bonds have dropped in value this morning, as economist Shaun Richards points out on Twitter: |
| The response to the new austerity is for the one-year bond yield in Greece to rise back above 500%. Some rescue! #gfc2 #euro #eurochat | The response to the new austerity is for the one-year bond yield in Greece to rise back above 500%. Some rescue! #gfc2 #euro #eurochat |
| — Shaun Richards (@notayesmansecon) February 10, 2012 | — Shaun Richards (@notayesmansecon) February 10, 2012 |
| 8.09am: Evangelos Venizelos has said that Greece must decide whether it wants to remain in the eurozone. | 8.09am: Evangelos Venizelos has said that Greece must decide whether it wants to remain in the eurozone. |
| The Greek finance minister told journalists that the Eurogroup have left Greece with a clear choice -- accept more austerity measures that its international lenders demand, or leave the euro. | The Greek finance minister told journalists that the Eurogroup have left Greece with a clear choice -- accept more austerity measures that its international lenders demand, or leave the euro. |
| Speaking after the talks broke up, Venizelos said: | Speaking after the talks broke up, Venizelos said: |
| From today until the next meeting of the eurogroup, our country, our homeland, our society has to think and make a definitive, strategic decision. | From today until the next meeting of the eurogroup, our country, our homeland, our society has to think and make a definitive, strategic decision. |
| If we see the salvation and future of the country in the euro area, in Europe, we have to do whatever we have to do to get the program approved. | If we see the salvation and future of the country in the euro area, in Europe, we have to do whatever we have to do to get the program approved. |
| Venizelos also criticised politicians who have criticise the austerity measures forced on Greece : | Venizelos also criticised politicians who have criticise the austerity measures forced on Greece : |
| Nobody can keep pretending to be the good guy....The era of easy choices and demagoguery is over. | Nobody can keep pretending to be the good guy....The era of easy choices and demagoguery is over. |
| Greek ekathimerini.com , Friday February 10, 2012 (02:09) | Greek ekathimerini.com , Friday February 10, 2012 (02:09) |
| 7.49am: Jean-Claude Juncker, the prime minister of Luxembourg who chairs the Eurogroup*, was adamant last night that Greece had not done enough – yet – to receive a second rescue package. | 7.49am: Jean-Claude Juncker, the prime minister of Luxembourg who chairs the Eurogroup*, was adamant last night that Greece had not done enough – yet – to receive a second rescue package. |
| Juncker said that the €325m shortfall must be addressed within days. The Greek parliament must also approve the wide-ranging reform plan, and the various leaders of its political parties must also pledge to enforce the plan. | Juncker said that the €325m shortfall must be addressed within days. The Greek parliament must also approve the wide-ranging reform plan, and the various leaders of its political parties must also pledge to enforce the plan. |
| Juncker told a press conference in Brussels his position was clear: | Juncker told a press conference in Brussels his position was clear: |
| In short, no disbursement without implementation. | In short, no disbursement without implementation. |
| Neat, but not quite as catchy as 'No taxation without representation'. In this case, of course, there is no shortage of taxation: | Neat, but not quite as catchy as 'No taxation without representation'. In this case, of course, there is no shortage of taxation: |
| The €325m black hole in the Greek budget plan was caused by the heads of its coalition parties rejecting pension reductions. If the missing funds can't be obtained there, prime minister Lucas Papademos will have to reach agreement on alternative spending cuts or tax rises. | The €325m black hole in the Greek budget plan was caused by the heads of its coalition parties rejecting pension reductions. If the missing funds can't be obtained there, prime minister Lucas Papademos will have to reach agreement on alternative spending cuts or tax rises. |
| * - the group of 17 finance ministers from eurozone countries | * - the group of 17 finance ministers from eurozone countries |
| 7.42am: My colleague Ian Traynor reported earlier this morning that the Troika of Greece's lenders voiced exasperation with Greek "delaying tactics". | 7.42am: My colleague Ian Traynor reported earlier this morning that the Troika of Greece's lenders voiced exasperation with Greek "delaying tactics". |
| Ian writes: | Ian writes: |
| Despite announcements earlier that the coalition government in Athens had yielded to savage new terms from the eurozone to qualify for the bailout, the eurozone finance ministers were unimpressed. The emphasis was on first getting Greece to deliver its side of the bargain. | Despite announcements earlier that the coalition government in Athens had yielded to savage new terms from the eurozone to qualify for the bailout, the eurozone finance ministers were unimpressed. The emphasis was on first getting Greece to deliver its side of the bargain. |
| "On the condition that the Greek parliament takes decisions on the prior actions over the coming days, then next week we can finalise decision on the overall package," said Olli Rehn, the European commissioner for monetary affairs. | "On the condition that the Greek parliament takes decisions on the prior actions over the coming days, then next week we can finalise decision on the overall package," said Olli Rehn, the European commissioner for monetary affairs. |
| "It's up to the Greek government by concrete actions through legislation and other actions to convince its European partners that the second [bailout] programme can be made to work." | "It's up to the Greek government by concrete actions through legislation and other actions to convince its European partners that the second [bailout] programme can be made to work." |
| 7.35am: Good morning. Greece's hopes of receiving its second rescue package received a setback overnight, as its Eurozone partners warned that Athens has not met the terms of the €130bn bailout. | 7.35am: Good morning. Greece's hopes of receiving its second rescue package received a setback overnight, as its Eurozone partners warned that Athens has not met the terms of the €130bn bailout. |
| Meeting in Brussels last night, European finance ministers studied the plan presented by the Athens government yesterday and concluded that it was incomplete. | Meeting in Brussels last night, European finance ministers studied the plan presented by the Athens government yesterday and concluded that it was incomplete. |
| The European central bank, the European commission, and the International Monetary Fund are now demanding €325m in further cuts to this year's budget before it will approve the rescue package. | The European central bank, the European commission, and the International Monetary Fund are now demanding €325m in further cuts to this year's budget before it will approve the rescue package. |
| The news comes as Greek workers begin a nationwide two-day strike in protest at the austerity measures that coalition leaders reluctantly signed up for this week. Unions have warned that the country now faces a "social uprising". | The news comes as Greek workers begin a nationwide two-day strike in protest at the austerity measures that coalition leaders reluctantly signed up for this week. Unions have warned that the country now faces a "social uprising". |