Spain and Greece protests against austerity today

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       Rail workers protest against the government's privatization plans at Sants railway station in Barcelona, Spain, Friday, Aug. 3, 2012. The strike, which started at midnight yesterday and coincides with the departure of many for the summer holidays, is organized by employees of Renfe and Adif, the two public railway companies. Banner reads: Railroad(AP Photo/Manu Fernandez)










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http://presstv.com/detail/2012/08/03/254263/spanish-railway-workers-go-on-strike/

Spanish railway workers stage on-day strike

The strike was organized by Spain’s main railway unions and is in protest at the government’s plan to privatize the railway sector.

Thousand of railway workers in Spain have gone on a one-day strike to protest the government’s tough austerity measures and cost-cutting program.

The strike was organized by Spain’s main railway unions and is in a protest to government’s plan to privatize the railway sector.

The government of the Spanish Prime Minister Mariano Rajoy says it is trying to slash over 65 billion euros in public deficit by introducing the austerity measures.

However, the workers argue that if the privatization plan is implemented, more people will lose their jobs and the wages of those still at work will be significantly reduced.

Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland and Spain.

Spain is to become the fourth eurozone country to receive bailout funds from the European Union in return for imposing the deeply-unpopular austerity measures.

The country’s economy shrank by 0.3 percent in the first quarter of the year as the country fell back into recession for the first time in three years.

The Spanish government expects the economy to contract by 1.7 percent in 2012. However, many analysts have warned that tough austerity measures could worsen the slump. 

http://www.rt.com/news/greece-athens-protest-economy-bank-803/

Greek bank employees hit streets in protest

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Published: 03 August, 2012, 21:11

Employees of Greece's ATEbank shout anti government slogans during a demonstration in Athens.(AFP Photo / Angelos Tzortzinis )

TRENDS:Eurozone crisis

TAGS: Conflict, Protest, Greece, Global economy

Protesters turned out in the streets of Greece on Friday, in one of the largest demonstrations the country has seen in weeks. Some 1,000 employees of ATEBank and Hellenic Post Bank shut down main roads in downtown Athens.

The protest comes during a five-day strike by over 5,000 employees of the formerly state-owned Agricultural Bank of Greece (ATEBank). Workers are protesting a government decision to sell the institution to the privately owned Pireaus Bank.

The deal, which is worth an estimated 95 million Euros, will see the bank’s assets divided, and its profitable parts sold to Pireaus Bank. Non-performing loans and other loss-making assets will be kept under state management.

Protesters shout slogans during a rally against the privatisation of Greece's ATEbank in Athens.(REUTERS / Yorgos Karahalis)

The Central Bank of Greece announced the deal last Friday.

It was also rumored that the Greek government will sell the Hellenic Post Bank, sparking worry among employees over their future in the debt-saddled nation. 

Protesters shout slogans during a rally against the privatisation of Greece's ATEbank in Athens.(REUTERS / Yorgos Karahalis)

“We all have degrees, but this doesn’t count for anything in Greece. In Greece, is no growth at the moment,” Hellenic Post Bank employee Andreas Sklayenas told AP.  

Greek banks have been under growing pressure to merge since the start of the financial crisis in 2009.

Protesters shout slogans during a rally against the privatisation of Greece's ATEbank in Athens.(REUTERS / Yorgos Karahalis)