Greek unions stages another series of strikes over austerity plans. It leads to the question of whether labor slowdowns will cut GDP by harming tourism and other key industries. If so, expense cutback by the government will be offset and deficits will not be reduced.
Nouriel Roubini yesterday suggested that Greece would have to restructure its debt soon because it long-term chance of fulfilling the obligations of its long-term sovereign debt are near zero.
Douglas A. McIntyre
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