Greeks Move to Slash State Jobs for 30,000

As of today the Greek government has reached a deal on how to cut 30,000 workers, to either lead to early retirement for some and displacement for many others. The government is trying to meet conditions set forth by foreign lenders in the hopes of gaining crucial emergency loans. Many of these people will be put on a reduced salary by the end of the year while the 23,000 others, aged 60 years and above, will be forced into early retirement. The government projects this will save them 3oo million euros for 2012. Currently the Greek government is in a race to convince the European Commission, European Central Bank, and Troika ( International Monetary Fund) to release a 11o billion euro bailout agreement that was reached last year. The decision is to be made on October 13. Without this bailout Greece could run out of money by the end of this month, crush the euro zone, and result in large amounts of damage to the global markets.

Kourtney Macaluso

http://www.nytimes.com/2011/10/03/world/europe/greeks-move-to-slash-state-jobs-for-30000.html?ref=europe