Bloomberg News

Greek Bank Union Calls Strike for July 30, Wants Job Guarantees

July 27, 2012

Greek bank workers will hold a 24- hour warning strike on July 30 to protest decisions being made by international creditors and the government that may result in job losses.

The government “must realize it doesn’t have the ethical or political right to show weakness, ignore the historical moment for Greek banks and succumb to the pressures of the creditors,” OTOE, the bank union federation, said in a faxed statement today.

OTOE said Greek banks, including state-controlled Agricultural Bank of Greece (ATE) SA and Hellenic Postbank (TT) SA, should all be recapitalized and jobs guaranteed.

Lenders need recapitalizing after suffering losses on their holdings of government bonds in a debt swap. Mergers would reduce costs and make banks more attractive to investors, Panayotis Thomopoulos, who heads the Hellenic Financial Stability Fund, said on July 2.

Prime Minister Antonis Samaras formed a three-party coalition government after the second election in six weeks on June 17. He was briefed by European Union and International Monetary Fund officials today on what they want done to bring Greece’s reform program back on track, government spokesman Simos Kedikoglou said on NET TV. Disbursement of bailout funds is linked to implementation of the program.

To contact the reporter on this story: Natalie Weeks in Athens at nweeks2@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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