With a unifying slogan markets must pay for the crisis

The timing was perfect. At the same time when European officials (of the Commission but the Central Bank) also were visiting Athens, accompanied by experts from the IMF, to display the pressure they exert on the Greek Government that it restores its finance, Greek workers, they organized their largest strike since the arrival to power of the Socialists. The strikers, the public service as from the private sector, at least a goal is reached, summarized by the centre-left newspaper "eleftherotypia": the European delegation "will have an overview of the dynamic response of the Greek workers to enormous pressure from Brussels".

Although clashes took place on the fringes of the demonstration in Athens, it was, overall, well held. About 27,000 protesters gathered to denounce the austerity measures decided by the Prime Minister, Georges Papandreou. With a unifying slogan "markets must pay for the crisis." The country was generally paralysed, because aircraft, trains, ferries, metros and tramways were the case. However, life did not stop. Athens, most stores remained open, and the strike was far from making unanimity in the population. A response in line with opinion polls: three-quarters of Greeks are currently opposed to any strike, believing that the emergency is out of the crisis.

Fragile social balance

Paradoxically, this demonstration of force could prove to be useful for the Greek Government - provided that it is not the prelude to an escalation of tension in the country. Because it allows the Greek authorities to illustrate by example the limits not exceeding in austerity. If the Greeks themselves globally ready to make sacrifices, they are not ready to do anything. A message that falls to at the time where Europeans are considering requiring additional stringency measures Athens, for example on VAT, taxes on fuel or on certain luxury goods. George Papaconstantinou, the Minister of finance, also did not reject this hypothesis, at the end of his meeting with European officials.

This is the subtlety of the Greek position currently: while demonstrating much goodwill with the Europeans, the Government seeks to preserve the fragile social balance. And thus to rebut the assumption of new painful measures. Currently delaying a debt issuance that seemed imminent these days, Athens could pursue the same objective: as long as the debt is not issued, the Greece remains at the mercy of the interest rates that are requiring it investors. A fragility which makes all the more difficult for Europeans, a strategy of maximum pressure. Better housekeeping partner when it is in a very weak position.

As the markets remain very nervous. Yesterday, the Standard & Poor's (S & P) Agency has maintained under negative surveillance note of the country. The day before, Fitch had scaled the notes of four Greek banks, which yesterday, contributed to higher rates of interest which Athens borrows. At the same time, the cost of insurance against the risk of default of payment of the country (CDS) was also appreciated.

The concern of investors was also clear yesterday, concerning the Portugal. In the other countries subject to strong budgetary constraints, the prospect of a strike of the public service, on March 4, shows that the task of the Government is likely to be difficult. For the Spain, won by the same financial turmoil, she may know socially difficult adjustment: unions mobilized Tuesday night from the thousands of demonstrators to protest against pension reform project.

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