Greek public sector workers hold 24-hour strike

School teachers demonstrate with their hands tied with chains during a protest in the northern Greek port of Thessaloniki (9 July 2014) Protesters say that it is poorer people - cleaners, school guards and teachers - who have been worst affected by the austerity measures

Related Stories

Public sector workers in Greece are holding a 24-hour strike to protest against continuing cuts in government spending.

Hospitals, tax offices, prisons and archaeological sites have been disrupted by the action.

The workers are protesting against austerity measures, including a 40% reduction to salaries and pensions.

The strike coincides with a visit from Greece's international creditors to check on the country's progress.

The BBC's Mark Lowen in Athens says that workers marched through the capital carrying banners and slogans hitting out at cuts and taxes that continue to cause so much anger.

Public sector workers during a protest march in Athens (9 July 2014) The pain of austerity is still deeply felt in Greece, where salaries and pensions are down by 40%
Banners against layoffs lay on the road prior to the protest march in Athens (9 July 2014) Although Greece's economy is now close to growing again, there is still considerable public anger over high unemployment, which remains at near-record highs
A demonstrator holds up a union flag and a banner during a protest in the northern Greek port of Thessaloniki (9 July 2014) The protests took place all over the country, including the northern port of Thessaloniki

One of the demonstrators, secondary school teachers' union President Themis Kotsifakis said Greece was being brought to its knees by the cuts imposed at the behest of the government, the EU and the International Monetary Fund.

"They are destroying the country's public services," he said. "They are firing teachers, school guards, cleaners and other state workers - this policy must be stopped or it will negatively affect all of society."

Our correspondent says that while the violence of past demonstrations is gone - the pain of austerity is still deeply felt in Greece, where more privatisations are in the offing and one in four Greeks is without a job.

The government insists that there is no alternative to its austerity path - which is bearing fruit. The deficit has been wiped out except for interest on the bailout and six years of recession are now due to end.

But Greece is still the Eurozone's problem child, our correspondent says, with debt remaining unsustainably high alongside a wide hole in next year's budget - which international lenders are in Athens to discuss.

Finance Minister Gikas Hardouvelis on Wednesday promised the pace of reform would not be reduced and a large-scale privatisation programme would be accelerated.

"[The year] 2014 is expected to be the first year in which the economy will show positive growth rates," he told a news conference south of Athens. "But that does not excuse any relaxation."

More on This Story

More Business stories

RSS

Business Live

  1.  
    09:10: House prices
    Sale and Sold signs

    House price in February were 8.3% higher than the same month a year ago, according to the latest Halifax figures, falling back from 8.5% rise last month and a peak in July of 10.2%. Compared with January prices were 0.3% lower. The average house now costs £192,372, Halifax adds.

     
  2.  
    08:57: Market update

    London's FTSE 100 Index is up 0.14% at 6,929 as traders wait for more details of the European Central Bank's bond-buying programme to be released later today. Aviva shares have jumped this morning after it raised the dividend by 30% on a strong set of annual results.

     
  3.  
    08:44: Carrefour results
    Carrefour

    Carrefour - the world's second-largest retailer after Walmart - plans to spend about €2.5bn (£1.81bn) on revamping stores in 2015 - the final leg of a three-year turnaround plan. The French group could also go ahead with an IPO of its business in Brazil - the supermarket chain's second-largest market - if conditions remain favourable. Operating profits came in at €2.38bn for 2014.

     
  4.  
    Via Twitter Radio 5 live

    Sean Farrington tweets: On Wake Up to Money's podcast today...After 6 yrs of low interest rates, where could you have got good returns? @seanfarrington

     
  5.  
    08:25: Virgin Money
    London marathon

    After listing in November, the challenger bank is set to be admitted to the FTSE 250 later this month. Its shares are up 13% to 327.5p, valuing it at £1.4bn. Virgin Money, which sponsors the London marathon, said today that underlying pre-tax profits rose 127% to £121.2m for 2014.

     
  6.  
    08:23: ECB bond buying BBC Radio 4

    Andrew Wilson, chief executive of Goldman Sachs Asset Management, also tells Today it will take time before we will see the impact of the ECB's bond-buying programme. He expects inflation to remain low for most of this year: "Almost certainly we will see negative rates of inflation this year; we're really talking about 2016 to see the impact of this policy."

     
  7.  
    08:12: Bupa results

    Bupa wants to capture a slice of India's fast-growing health insurance market when rules on foreign investment are relaxed. Stuart Fletcher, chief executive, says it's "still quite a nascent market - there is tonnes of headroom for growth". The private healthcare group posted annual profits up 8% to £638m today.

     
  8.  
    SFO bank probe Robert Peston Economics editor

    Does alleged scamming of £200bn Bank of Eng scheme to rescue banks show that some bankers need psychiatric help?

     
  9.  
    07:53: Best investments Radio 5 live
    Lego

    Wake Up To Money was asking listeners earlier about the best investment they have made. For one listener it was a Lego Millennium Falcon set. Have you made a particularly canny investment? Give us your thoughts at bizlivepage@bbc.co.uk or @bbcbusiness.

     
  10.  
    07:42: Aviva profits

    Mr Wilson's comments came as the insurance giant Aviva reported a 6% rise in pre-tax operating profit of £2.17bn, compared with just over £2bn a year earlier. The insurer has has been going to through a strategic overhaul including the sale of its North American business last year. It also raised in annual dividend by 30%.

     
  11.  
    07:31: Aviva profits
    Aviva stadium

    Aviva chief executive Mark Wilson says its annual results show the insurer is making "tangible progress". Aviva - sponsor of Dublin's rugby stadium - started "2015 in a position of strength", but he adds it would be "wrong to assume that our turnaround is nearing completion, as we have further to travel than the distance we have come".

     
  12.  
    07:20: London Stock Exchange Group
    LSE Group

    Another good year for London Stock Exchange Group, with revenue up 32% to £1.28bn and adjusted pre-tax profits up 17% to £445.9m. However, on the pure pre-tax level profits slipped 5% to £284.3m. The company is worth £8.3bn and its shares have risen 18% in the past year.

     
  13.  
    SFO Bank investigationVia Twitter Kamal Ahmed BBC Business editor

    "Unprecedented" much over-used by us hacks, but this actually is @BBCNews SFO launches Bank of England criminal probe

     
  14.  
    07:10: ECB bond buying BBC Radio 4
    The EURO logo

    The European Central Bank reveals more details of its bond-buying programme later today - but don't expect any surprises, Andrew Wilson, chief executive of Goldman Sachs Asset Management, tells Today. He says we've already seen "marked weakening" of the euro, so it will be interesting to see what impact ECB action will have.

     
  15.  
    06:55: Drones
    drone

    The House of Lords has called for a tracking system for all drones and their users. A report by the EU Committee of the House of Lords described drones - or Remotely Piloted Aircraft Systems, to give them their official title - as an "exciting new technology", but warned that their use poses risks to the general public and other airspace users.

     
  16.  
    06:44: China growth BBC Radio 4

    China's 7% economic growth target for 2015 is about "sending a message" particularly to local governments, which look to Beijing for guidance in setting their own targets. But at the the same time the government is very concerned about the level of debt in the banking sector - something it is trying to address, Duncan Innes-Ker, China analyst with the Economist intelligence Unit, tells Today.

     
  17.  
    06:30: AbbVie

    Big news from the pharma world overnight as US company AbbVie announced a deal to buy leukemia drugmaker Pharmacyclics for $21bn (£13.8bn). It appears to have won the prize from under the nose of Johnson & Johnson, which some reports say was close to a deal.

     
  18.  
    06:20: Brazil economy Radio 5 live
    Copacabana beach

    The Brazilian currency - the real - has hit a 10-year low after the central bank raised interest rates by half a point to a stonking 12.75% overnight. The BBC's Daniel Gallas in Sao Paulo tells Wake Up to Money that the country could tip into recession this year as the government embarks on an austerity drive, raising taxes and cutting spending.

     
  19.  
    06:11: Interest rates Radio 5 live

    It's been six whole years since the Bank of England cut the base rate to 0.5%. That's been good for borrowers, but not so great for savers - of which there are many more after all. Vivan Slattery, an independent financial adviser, tells Wake Up To Money many of her clients have stayed in cash but are now looking at alternatives given that rates do not seem set to increase sharply anytime soon - particularly as many mortgage holders are now on the standard variable rate.

     
  20.  
    06:05: China growth Radio 5 live

    China has announced that its target growth rate for 2015 is 7% - down from 7.5% for last year. The BBC's Ali Moore in Singapore says the new target is not a reflection of panic in Beijing but part of its drive to lower expectations and rebase the economy to focus more on domestic demand. "It's more about quality than quantity," she adds.

     
  21.  
    Welcome to Thursday Chris Johnston Business reporter

    Good morning from me and Matthew West. Another busy day of business news coming up - we'll be here to guide you through it all. Get in touch with your comments at bizlivepage@bbc.co.uk or on Twitter at @bbcbusiness.

     

Features

Try our new site and tell us what you think. Learn more
Take me there

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.