Thursday, May 12, 2011

One Year After the Bailout, Greece is Still Hurting

by Joanna Kakissis

Time

May 12, 2011

Konstantinos Sourmelis, a 56-year-old technician for OSE, Greece's state-owned railway, marched to central Athens on Wednesday to send parliament a simple message: Stop selling out the country. Like the thousands of other demonstrators who protested in the country's latest general strike, Sourmelis accuses the government of scapegoating OSE and public utilities as part of its proposed privatization plan, the next in a string of attempts to raise the billions that Greece owes foreign creditors. "In the long run, it's going to hurt workers," says Sourmelis, who makes about $2,000 a month and is worried about losing his job. "I don't see the austerity measures working, so what difference will it make if we sell off our assets? Won't we just be giving away our autonomy for nothing?"

The demonstration on Wednesday was mostly peaceful, though at one point at least three people were injured in clashes between police and left-wing protesters. But Greeks still live with the ghosts of the protests that were held last May, when fringe anarchists firebombed a bank and killed three employees, including a pregnant woman. Earlier that month, Greece's government had received more than $150 billion in loans from the European Union and International Monetary Fund to avoid defaulting on $400 billion in sovereign debt. To get the loan, the government had to introduce tough austerity measures that would hurt in the short term but eventually, it was hoped, put the nation back into the black. At the time, some responded with violence. One year on, most Greeks are still not convinced that the pain will pay off. And neither are the international markets that Greece so badly needs on its side.

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