European creditors made several demands of the Greek government in order to receive more than 30 billion Euros in a second bailout.
(Image Source: Breitbart.com ) BY SCOTT MALONE ANCHOR LAUREN GORES Greece is seeking another bailout from its fellow European countries, but they have some demands to meet first . “Greece’s Eurozone creditors are demanding that the government in Athens introduce a six-day working week as part of the terms for the country’s second bailout.” “The aim, of course, is to get Greece out of the deep recession it’s in and cut unemployment, which is fast approaching 30 percent.” The demands also include giving employees a minimum of 11 hours of rest between shifts, and eliminating the maximum time for shifts. Greece must comply with those demands to potentially receive 30 billion Euros next month. Still, the bankers’ demands are not praised by all. An economist tells Sky News working more hours won’t necessarily lead to a more productive economy. “Increasing working hours and making people work on Saturday or during the night on Sunday, um, it won’t make any difference because employers do not employ people simply because they fear there will not be demand for their products.” The Greeks are also trying to make more than 14 billion Euros in budget cuts, including wage cut backs. A blogger for Workers Liberty says all of the cutbacks could lead to a sticky situation. “Cops demonstrated in Athens after the government said that their wages and bonuses would not be exempt [from cutbacks] … if parliament votes through the cuts and other measures, how will [they] be enforced without the support of the police?” So what if Greece does not conform with the creditors’ demands? A writer for The New York Times says the country would no longer use the Euro currency, and the action would send shockwaves internationally. “Greece’s abandonment of the euro would most likely create turmoil in global markets, which have experienced periodic sell-offs whenever Europe’s debt problems have flared up … It would also increase the pressure on Italy and Spain, much larger economic powers that are struggling with debt problems of their own.” The creditors start looking over the Greek’s financial books this week. A decision is expected from them on Greece’s second bailout some time next month.