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12 Jun 2013
Greece up in arms against closure of state broadcaster ERT
FXstreet.com (Barcelona) - While markets await the conclusion of the German constitutional court's hearing on the legality of the European Central bank's bond buying program (the final decision is expected to be announced in a few more weeks however), Greece is witnessing a wave of protests following the Greek government's attempt to close the public broadcaster ERT.
The move was motivated by Athens's efforts to meet the conditions of the international bailout. Samaras's government announced yesterday that ERT would undergo restructuring, and that it would be reopened with less employees.
The decision was met with protests from the from political parties and labor unions as well as the Greek citizens. The leader of the main opposition Syriza party labeled the move as “illegal”: "Many times the word 'coup' is used as an exaggeration. In this case, it is not an exaggeration."
European Economic and Monetary Affairs Commissioner Olli Rehn assured in the European afternoon that the European Commission did not suggest shutting ERT down, but at the same time he defended the move: “The decision of the Greek authorities should be seen in the context of the major and necessary efforts that the authorities are taking to modernize the Greek economy. Those include improving its efficiency and effectiveness of the public sector.”
Some market commentators even suggest that the strength of the opposition towards the Greek government's measure might result in its collapse.
The move was motivated by Athens's efforts to meet the conditions of the international bailout. Samaras's government announced yesterday that ERT would undergo restructuring, and that it would be reopened with less employees.
The decision was met with protests from the from political parties and labor unions as well as the Greek citizens. The leader of the main opposition Syriza party labeled the move as “illegal”: "Many times the word 'coup' is used as an exaggeration. In this case, it is not an exaggeration."
European Economic and Monetary Affairs Commissioner Olli Rehn assured in the European afternoon that the European Commission did not suggest shutting ERT down, but at the same time he defended the move: “The decision of the Greek authorities should be seen in the context of the major and necessary efforts that the authorities are taking to modernize the Greek economy. Those include improving its efficiency and effectiveness of the public sector.”
Some market commentators even suggest that the strength of the opposition towards the Greek government's measure might result in its collapse.