Brexit, Catalonia, Italy and German immigration policies may be the Problems Du Jour, but Day-Old Problems are back, and their shelf lives are about up…
The austerity measures are about to come front and center again. On Friday there was a “symbolic protest” in Athens, according to Xinhua, as the next round of austerity measures and the third Greek bailout looms:
ATHENS, Oct. 6 (Xinhua) — Greek pensioners held a symbolic protest outside Greece’s supreme administrative court, the State Council, on Friday against the planned new round of cuts to their income under the third Greek bailout program.
Although the program ends in mid-2018, the latest pension system reform the government passed through the parliament in 2016 under the pressure of international creditors foresees more pension cuts from 2019.
Retirees have suffered more than one dozen reductions in the past seven years of the Greek debt crisis as part of austerity measures aimed to avert bankruptcy and fix state finances. Their average income has gradually shrunk to half since the start of the crisis. High income earners lost up to 70 percent of their initial pensions.
Under the planned new cuts the average Greek pensioner will lose a further 18 percent from 2019.
On Saturday, the “anarchists” came out in force:
And just today, the current Greek FinMin is “trolling” outgoing German FinMin Schauble
— Mehreen (@MehreenKhn) October 9, 2017
Now, here are some things to consider as the entire global economy has enough on it’s plate with geo-political and financial tensions already.
In 2015, Greece dominated the news for the first six months of the year.There was a deal, there was no deal, Tsipras and Varoufakis became household names, there were referendums, snap elections, Tsipras and Varoufakis both resigned, and, Greece eventually agreed to a number of measures in late 2015.
And for the better part of 2016, not much was coming from Greece other than the frustrations of the Greek in general, and the pensioners in specific, and this has been much of the case this year.
However, 2017 if fast coming to a close:
In other words, the European Union is facing many issues which are all very different but one thing is for sure: They all raise serious questions about uncertainty.
And now Greece is about to become uncertain again. Not that it hasn’t for several years now, but this time, The EU certainly has it’s hands full. To say a perfect storm is brewing in Europe is putting it lightly.
As the year comes to a close, we are sure there will be many more protests to come, such as those in 2015:
The question is, after 12 pension cuts in 7 years, just how peaceful will those protests be this time around?