Subscribe to the BlogEvery third worker in Greece is a civil serviceman / servicewomen, and they are all expected to take major cuts in their salaries / bonuses / pensions / medical benefits / service terms etc.,
Needless to say most of these workers are not mentally prepared to accept the drastic cut in their salaries and perks expected to range from 10% to 20%. That is the reason why these people gathered in tens of thousands in Athens today to mark their protest against the proposed austerity measures.
While there is no way for Greece to accept it for the immediate term, because the country cannot afford to take the default route, and allow the economy to collapse.
Instead, given the history of Greece, experts are fearing that Greece may go back on it's commitments few months after availing the first tranche of credit support. By then Spain and Portugal also could be on the brink of collapse.
So nothing seems to be going right for Europe for the last two years, and 2010 also could be similar.