Government spending

For every 4 euros of austerity measures (taxes, social security contributions, pension and benefit cuts) this government has taken since it was voted into power, it has only returned 1 euro, and only to a small section of the population at that.

There will be no trolley bus service on Wednesday, November 28, as drivers on Thursday announced their intention to walk off the job, joining a 24-hour anti-austerity strike called by the country's private sector union, GSEE.

City bus workers will also join the action in the early morning and late at night, meaning that services will run from 9 a.m. to 9 p.m. on that day.

The previous Note for Discussion demonstrated that there are fiscal operations that give rise to debt that are not included in the reported fiscal balance. This is a problem. It means that the reported fiscal balance is not always a good indicator of what happens to the debt. One should always check the variation in debt against the reported deficit and see if these two numbers are the same.

Creditor-imposed austerity led to increased rural poverty and food insecurity in Greece and violated people's right to food, the Transnational Institute (TNI), an international research and advocacy body based in Amsterdam, has concluded, 10 years after the country signed its first bailout deal.

Protesters took to the streets of the Greek capital and Thessaloniki on Wednesday during a 24-hour strike called by the country's civil servants' union ADEDY to demand salary and pension increases following years of cuts under the austerity programs of successive governments.

Greek ships will remain docked at the country's ports on Wednesday November 28, as seamen will join a 24-hour strike called by the private sector union GSEE.

The Panhellenic Seamen's Union (PNO) decided to push ahead with the strike at a meeting on Wednesday.

In the previous Note, we considered the relationship between nominal GDP growth, the fiscal deficit, and the evolution of the debt/GDP ratio. We noted that the math only works if the deficit accurately and truly reflects all the pressures on the stock of debt. In this Note, we can look at this issue in more detail with past data for Greece from 1995-2017.

The period of austerity is by no means over for the Greek middle classes, despite the country's exit from the memorandum this summer.

The period of austerity is by no means over for the Greek middle classes, despite the country's exit from the memorandum this summer.

The civil servants' union ADEDY has called a 24-hour strike for November 14 in demand of increases to salaries and pensions that have been cut several times over eight years of austerity programs.