Monday, February 8, 2010
Will they do it?
The Greek government is desperately putting together an austerity plan that might be approved by the European Commission and might reduce the deficit, usually described as "ballooning". There is, however, a fly in the ointment that is filling the balloon: the public sector unions, who have vowed to fight any attempt to bring the budget under control and will call an all-out strike if they do not like what is in the package (and, almost certainly, they will not). The rest of the eurozone and the financial world at large will be watching with interest.