Stock Under $10 with 50-100% upside potential - 14 Days FREE!

Strike on Summit Day Shows Task at Hand

By Raf Casert

BRUSSELS -- German Chancellor Angela Merkel and other European leaders meeting for a summit will only have to look out of the window to see the biggest problem with their steady diet of austerity and belt-tightening to fix the financial crisis: disgruntled workers organizing a nationwide strike to protest the direction in which Europe is heading.

That is, if the 27 government leaders can even get to European Union headquarters in time for Monday's meeting.

Belgium's three main unions are joining hands as of late Sunday in a 24-hour strike to protest national budgetary measures that have in part been imposed on Belgium by the EU. If the country hadn't met cost-cutting targets, financial sanctions would have been imposed.

Instead of a beacon for a better future, many Europeans are starting to see the EU as a death knell, one that is suffocating them with austerity instead of supporting them with job-boosting measures.

> > Bull or Bear? Vote in Our Poll

"We fully understand the sentiments of all Europeans, especially here in Belgium, where we are so close, the frustrations and doubt and the worries," European Commission President Jose Manuel Barroso said.

The question is where to find money to boost growth when debt is preoccupying everyone. The austerity measures raise taxes and cut benefits for hundreds of thousands of workers in Belgium. And Monday's strike has been mirrored in many other member states.

Overall, 23 million people are jobless across the EU, 10% of the active population.

"Europe has to offer jobs, social protection and perspective for the future. Otherwise it risks losing the support of its citizens," said the strike manifesto of the ACV union.

For Monday, Thalys and Eurostar bullet trains to Brussels have already been cut, one airport has been closed and Brussels international airport is expecting heavy disruption.

Contingency plans have been made to get the 27 European leaders to the center of Brussels, but even then convoys could end up in choking traffic if workers block the capital's beltway during morning rush hour.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
TRY IT FREE

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
Dividend Stock Advisor
TRY IT FREE
New! $49.95/yr

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREE

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Real Money
TRY IT FREE

24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.

Product Features:
  • Jim Cramer + 20 Wall Street pros
  • Intraday commentary & news
  • Real-time trading forum
  • Actionable trade ideas
Real Money Pro
TRY IT FREE

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass + 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
TRY IT FREE

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 15,335.28 -19.12 -0.12%
NASDAQ 3,496.43 -2.54 -0.07%
S&P 500 1,666.29 -1.18 -0.07%
US 10 Yr 1.965% +0.016

Brokerage Partners

Advertising Partners
Special Features

Free Newsletters from TheStreet

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

We respect your privacy. Manage Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs