June 20, 2011
Greece faced power outages on Monday as employees at the main power utility began 48-hour rolling strikes to protest the company’s privatization, part of austerity plans needed to avoid a national debt default.
The sell-off of state assets in the power company is a major step in a euro50 billion ($71 billion) privatization drive that must be completed by 2015. It is part of highly unpopular austerity plans, including more tax hikes and spending cuts, that must be passed by Parliament by the end of the month if Greece is to get the next euro12 billion installment of its euro110 billion bailout next month.
This article was posted: Monday, June 20, 2011 at 7:11 am