Strikes in Greece Threaten Its GDP

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By Trey Thoelcke Published
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Spain is not the only nation with the problem of citizens who have taken to the streets to attack austerity. In Greece, the protesters numbers as high as hundreds of thousands — impressive in a nation with such a small population. These strikes threaten more than a toppled government; each day many people refuse to work is another blow to Greece’s gross domestic product. Its GDP already is falling at a rate of more than 6% year-over-year.

According to the Wall Street Journal:

The 24-hour strike, called by the country’s two giant umbrella unions–GSEE and ADEDY–is the first since a three-party coalition government led by Prime Minister Antonis Samaras took office in June, and represents the first real test of public opposition to the cutbacks.

The strike brought public services to a standstill across the country, closing government offices, schools, museums and courts, while hospitals were operating on skeleton staff. A partial transit strike in the Greek capital, Athens, affected early morning commuters, while train and ferry operations around the country were suspended.

A three-hour walkout by air traffic controllers disrupted flight schedules around Greece, while bank workers, teachers, lawyers, merchants and doctors were also joining the strike.

Douglas A. McIntyre

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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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