Greece submerged in protests ahead of vote on new cuts

FXstreet.com (Barcelona) - Since last week's deal between Greece and its international creditors on the new spending cuts package, the country has been overcome by protests. Greeks took to the streets to demonstrate against the planned widespread civil service layoffs and other harsh measures, required in return for the next tranche of aid.

This week the protests continue, ahead of a parliamentary vote on the new reform bill, scheduled for Wednesday. If the bill is given the green light, Athens will be obliged to make 4,000 public sector employees redundant while another 12,500 will be put on a redeployment scheme until the end of the year. Greek trade unions are planning a general strike for Tuesday, to protest the measures.

"The redeployment scheme and the compulsory redundancies ... are necessary tools for the upgrade of personnel in public administration," Finance Minister Yannis Stournaras said on Sunday in an interview for the Greek newspaper Kathimerini.

Apart from the mass layoffs the new bill, if passed, would also sanction a reorganization of the tax collection system and a reform of the public health insurance.

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