Financial Times
September 19, 2011
George Papandreou, Greece’s embattled prime minister, may be able to persuade his own socialist party and the government to support a new set of austerity measures by brandishing the threat of a disorderly default.
But as Greek citizens endure worsening conditions amid the country’s third consecutive year of recession, it remains unclear whether Mr Papandreou will be able to overcome staunch opposition from the civil service, trade unions and public sector employees.
Mr Papandreou’s task has become tougher as the Greek economy goes through its worst economic crisis since the second world war and economic forecasts have been progressively downgraded. Real gross domestic product is expected to contract by more than 5 per cent in 2011, with recession set to continue next year. Unemployment, already at 16 per cent, is predicted to continue to rise.
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