This is the less painful solution

Greece’s labor unions have reacted violently to the fiscal reforms announced by the government two days ago without really having thought the matter through. This knee-jerk reaction proves that they have failed to grasp the severity of the situation and the depth of the economic crisis. It also goes to show that they do not understand that these are defensive measures and, if they are not applied or do not accomplish the task, we will have to go down an even more painful road that will involve strict reforms imposed by the International Monetary Fund. Should Greece reach a point where it needs to turn to the IMF, the current measures will seem mild compared to what may be in store. The situation is really quite simple: If Greece fails to borrow, creditors, via the IMF, will demand that hundreds of thousands of people employed by the state be sacked. The case of Romania is a recent example. The stance being adopted by unions right now is not only counterproductive but will lead civil servants to their professional demise.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.