Greek labor unions holding another anti-austerity strike

PanARMENIAN.Net - Labor unions in recession-hobbled Greece are holding another general strike against a new harsh austerity program, as European leaders beset by a deep debt crisis and economic stagnation gather for a summit meeting in Brussels, The Associated Press reports.

The Thursday, Oct 18 strike is set to close down public services and severely hamper most forms of transport - with even taxi drivers joining in for nine hours - while shopkeepers in Athens and other cities are planning to shut down for the day. It is the second general strike in less than a month.

Unions are organizing two separate marches in central Athens. Demonstrators' ire will focus on the new belt-tightening for 2013-14, demanded by bailout creditors to release a desperately needed new rescue loan payment.

The country is clinging to solvency with the help of two massive international bailouts worth a total €240 billion ($315 billion). To secure them, it committed to drastic spending cuts, tax hikes and reforms, aimed to cure years of profligate government spending.

But while significantly reducing budget deficits, the measures accelerated a recession that after five years is closer to a depression. By the end of next year, the economy is expected to have shrunk by about a quarter from 2008 levels. And with one in four workers out of a job, Greece has the worst unemployment rate in the 27-nation European Union.