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
TheStreet Open House

Greek Police Storm Metro Depot To End Strike

The government's order led to a swift backlash, with all other public transport workers declaring immediate strikes that forced Athenians to walk or take taxis through thunderstorms Thursday and Friday. Traffic slowed to a crawl, and commutes took up to three times as long as normal.

Defending the government's, government spokesman Simos Kedikoglou insisted the new austerity measures must be implemented.

"We are a society, an economy, at a very difficult time," he said. "People can't ask for exceptions."

The civil mobilization law, amended in 2007 to deal with "peacetime emergencies," has now been used nine times since the 1974 collapse of a military dictatorship in Greece - three of those in anti-austerity strikes over the past two years. Defying the order to return to work can lead to arrest and jail terms of between three months and five years.

Unions and the radical left main opposition Syriza party accused the government of dictatorial tactics.

"It's a new coup against this country's constitution to mobilize working people on strike on the subway with military-style methods," Syriza lawmaker Dimitris Stratoulis said late Thursday.

Considered an extreme measure, use of the law usually sparks an outcry but does tend to end a strike. It has been used in the past to end a protracted strike by garbage collectors, with the government at the time citing public health concerns, and to end a fuel truck strike that had caused major gasoline shortages.

The strike has been met with a mixture of understanding and exasperation from commuters, many of whom have also suffered deep income cuts.

Data released by Greece's statistical authority Friday showed that households' disposable income dropped 10.6 percent in the third quarter of 2012, compared with a year before. The authority said salaries fell 11.3 percentand social benefits received by households decreased 10.2 percent â¿¿ while taxes on household income and wealth increased 17.7 percent.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

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