Greek Strikes Halt Air Travel

ATHENS, Greece (AP) -- Flights in Greece were halted for four hours Thursday as the country's two largest labor unions staged work stoppages to protest austerity measures and a government decision to cancel a teachers' strike.

Flights resumed after being grounded between 12:00 and 4:00 p.m. (0900-1300 GMT), when air traffic controllers joined the protest called by labor unions GSEE and ADEDY.

The government this week issued an emergency order to force high school teachers to work through the May 17-31 university entrance exams and cancel plans for rolling strikes. It was the third time the conservative-led government used the emergency civil mobilization order to end a strike this year.

The government is pursuing unpopular budget cuts to reduce debt as a condition of its international rescue package. It claims it will be able to return to borrowing on bond markets next year, when it also hopes the country's crippling recession will end.

Greece's bond market borrowing rates this week dropped to their lowest levels since 2010, when the country lost market access and was bailed out by its euro partners and the International Monetary Fund.

Interest rates on the 10-year bonds tumbled to below 9 percent, from levels of more than 35 percent last year.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2435725, ~/Articles/ArticleHandler.aspx, 12/22/2014 9:30:32 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement