This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Spanish Unions Call General Strike Over Reforms

CIARAN GILES

MADRID (AP) â¿¿ Spanish labor unions mounted their first significant challenge to the country's new government Friday when they called for a general strike for March 29 to protest against new labor reforms and austerity measures.

The labor reforms, passed last month, slash the cost of firing workers and ease conditions under which they can be dismissed. Salaries can be lowered unilaterally, and companies can lay off employees at the cheapest level of severance pay by reporting three straight months of declining revenue.

Workers Commissions and the General Workers Union called the stoppage following separate executive committee meetings.

Ignacio Fernandez Toxo of Workers Commission said the reforms are steered too much in businesses' favor. He likened the changes to labor laws that existed when Gen. Francisco Franco ruled, from 1939-1975.

"It is the most regressive reform in the history of democracy in Spain," he told a news conference.

"It is a strike that is fair and necessary," added UGT colleague Candido Mendez.

Deputy Prime Minister Soraya Saenz de Santamaria said a general strike was not the remedy for a country with more than 5 million people out of work.

"It's not the solution," said Saenz de Santamaria after a weekly Cabinet meeting. "In moments of grave difficulties for all Spaniards the government values more constructive efforts that help improve the country."

Unions have also called midday rallies across Spain this Sunday to protest the reforms.

A milder labor reform and austerity measures by the former Socialist government triggered a general strike Sept. 29 of 2010, although that stoppage was only partially successful.

Before he approved the reform, Prime Minister Mariano Rajoy was overheard telling European Union colleagues in Brussels that the measures would mean a general strike

The latest labor market overhaul is aimed at rebooting an ailing economy suffering a eurozone-high unemployment rate of near 23 percent.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

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
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
Dividend Stock Advisor
Try it NOW

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
Real Money Pro
Try it NOW

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 Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.
Submit an article to us!

Markets

DOW 18,062.57 +8.86 0.05%
S&P 500 2,093.16 +4.39 0.21%
NASDAQ 4,809.2020 +2.3430 0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs