Best wishes to the Greek people. Considering that I am a right of centre poster I'm not always that impressed by some strikes. Much of that comes from the British memory of the 1970s 'I'm alright Jack' (Peter Sellers film) type of Union action which was unhelpful to the British economy.
Greece is an entirely different case, and more or less the only avenue that your average Greek citizen has left to register their protest at the troika and corrupt Greek political class. Though one day mass walkouts can only go so far, and have to wonder if more sustained action will eventually be needed to bring down the government.
Eurozone industrial output slips in May - Industrial output in the eurozone has come in largely as expected, slipping 0.3% in May from April.
In annual terms, output fell 1.3%, according to data from Eurostat.
There was some mildly positive news in revisions to previous data, with output now believed to have expanded 0.5% on the month in April, compared with a previous reading of 0.4%.
Further details from Eurostat also bring some welcome cheer for Portugal, which tops the industrial growth league in May. Eurostat reports: Among the European Union member states for which data are available, industrial production fell in thirteen, rose in nine and remained stable in the UK. The largest decreases were registered in Romania (-10.7%), Lithuania
(-6.3%) and Sweden (-3.8%), and the highest increases in Portugal (+6.1%), Latvia (+2.2%) and Estonia (+2.0%).
(-6.3%) and Sweden (-3.8%), and the highest increases in Portugal (+6.1%), Latvia (+2.2%) and Estonia (+2.0%).
Looking at the drivers of production throughout the eurozone, Eurostat says: In May 2013 compared with April 2013, production of durable consumer goods dropped by 2.3% in the euro area. Capital goods decreased by 1.5%. Energy rose by 0.1%. Intermediate goods grew by 0.4%. Non-durable consumer goods increased by 0.6%.
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As German Finance Minister Wolfgang Schäuble prepared to fly to Athens for talks on Thursday, German media were warning that "Greece Needs Money Again."
Some in Greece see it differently: "Mr. Schäuble, Bring Back What You Stole!" a headline printed in German in an Athens newspaper demanded, referring to reparations for wartime plunder that many Greeks believe Germany still owes them.
The visit is leading to renewed tension between Europe's longest-suffering debtor nation and its most powerful creditor country. Yet Germany's finance chief intends to extend a helping hand: He plans to discuss a loan program of up to €100 million ($130 million) for small businesses in Greece, financed by the German state bank KfW.
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German Finance Minister Wolfgang Schauble is going to Greece for the EcoFin meeting.
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Mr. Schäuble, in an interview late Wednesday on German television, said that while he understood Greek frustration over public spending cuts and other measures, the criticism of Germany and the EU was misplaced.
"We're helping the Greeks," he said.
Mr. Schäuble is traveling at the invitation of Greece's government and isn't "going to Athens to tell the Greeks how they should do their homework," a senior German official told reporters in Berlin on Wednesday.
The official said it isn't up to Germany, but to the "troika" of inspectors from the European Commission, European Central Bank and International Monetary Fund to judge Greece's efforts.
While Greece grapples with its inefficient public administration, its international creditors are increasingly having to confront the country's high debt load, which is viewed as unsustainable.
In Athens, police have banned any demonstrations around the city's main square during Mr. Schäuble's visit, which comes less than a year after his boss, Chancellor Angela Merkel, was confronted there with banners evoking the Nazi occupation of Greece.
In the last three years the country's international creditors, led by Ms. Merkel, have demanded severe budget austerity that has helped push Greece's economy into a deep depression.
Wednesday night's vote in the Greek Parliament was the first test for the country's new two-party government as it responds to pressure from the EU and IMF to speed up overhauls.
Public servants placed in the labor reserve will earn reduced pay until they are transferred to other positions. If no new posting is found for them within eight months, they would be dismissed
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