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"This may be the final blow to the Greek market," said Iliadis, chief executive of a small firm that distributes solar panels, materials for diamond tool makers and chemicals and machines for the marble processing industry across Greece.
The head of the Greek Public Gas Corporation (DEPA) has warned the caretaker government that Greece could face a blackout by early June as it may be forced to shut down the gas supply to electricity producers.
Tourism, Greece’s second largest industry after the shipping industry, and already in a downdraft, is taking another hit as tour-bus drivers will go on strike next week; wage negotiations have deadlocked. Owners demand that drivers take an additional 50% cut in pay and benefits on top of the 20% cut they’ve already suffered.
The National Organization for Healthcare Provision (EOPYY), Greece’s state-owned health insurer, hasn’t paid pharmacists for months and owes them €540 million. In turn, pharmacists are refusing to sell medications to insured patients, including cancer patients, unless they’re paid in cash—and even hospitals are reporting shortages.
Greece’s ship repair and shipbuilding industry, a highly competitive activity in a global market, has collapsed. Over 90% of its union workers are jobless—though Greek shipping companies own 16% of the global merchant fleet, more than any other nation. They’re just not having their ships built and repaired in Greece anymore—whatever the reason, high cost of labor, lack of investment, changing shipping routes, strikes. A sign that there are fundamental problems related to competitiveness that a bailout, no matter how generous, won’t be able to solve.
I feel very sorry for those Greek people
Banking is the single most destructive force within our economies.. Usury in general needs to be pulled in, personal, corporate and governmental leveraging needs to be reduced drastically.