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1. Noam Dromi
   Key Master
   Posted 1 year ago #
   

   After the riots in Greece earlier this year, numerous EU member states are proposing austerity measures that are inflaming the passions of workers.

   From Greece, to Portugal, to Spain the European sovereign debt crisis has renewed the discussion about the ineffectiveness of the eurozone and the problems with needing to "bail out" those nations in difficulty in order to maintain stability in European financial markets.

   Is this another example of working and middle class families being collectively punished for the financial shenanigans of bankers or are the unions being unreasonable in their demands for pensions, universal health care, early retirement, etc.?

   Share your thoughts in the comments below.

   Some links to check out:

   http://en.wikipedia.org/wiki/2010_European_sovereign_debt_crisis
   http://www.dw-world.de/dw/article/0,,6057523,00.html
   http://www.guardian.co.uk/business/2010/sep/29/europe-austerity-protests

2. simont
   Member
   Posted 1 year ago #
   

   Noam, this is a complex issue and cannot be rolled up into a simple answer. My understanding of the Greek issue, as reported, is that government workers were not putting in a full paid weeks work but maybe lasted 3 or 4 days equivalent but were being paid for the full 5 days. In order for a bail out, the EU demanded the Greek government do something to improve productivity as the balance of the union nations would not tolerate the behaviours exhibited by the greek government workers. Hence, the tough action and response by workers and worker unions.

   The potential for failure through the EU was always there but the extraordinary behaviours of the American banks during the crisis period meant there was no more room to wriggle and no spare cash to cover the ever increasing deficits at government level.

   As I said earlier, I garnered this from the English speaking press operating in the South Pacific (BBC, Australian/New Zealand news media).

   Something about desperate times require desperate measures - I'm sure any lender would be demanding some changes if they were providing bail out money.

3. Agustin
   Member
   Posted 1 year ago #
   

   I'll try to answer sortly: both.

   We don't feel bankers are taking responsability of their mistakes and for that we feel punished by those measures. And unions are unreasonable too. They are acting too late and only when the austerity is catching them. At least in Spain. We knew about the measures several months ago but until now unios were quiet.

   I don't think "our pasions are inflaming". We complain a little but, in general, we've already come to terms with austerity.

   And there is any discussion about eurozone effectiveness? It's clearly ineffective. We still are too selfish nationalist to make EU work out.

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