Troika Rejects Greek Proposals

Troika officials rejected some of the proposed measures to cut public sector expenses and wanted a bolder plan to reduce the number of civil servants, a senior Greek official said.

“They insist on rejecting the measures that concern the restructuring of the state,” the official said. “We insist that they accept them.”

Slashing public sector jobs is a highly sensitive subject in Greece, where the constitution bars firing civil servants.

Athens’ proposed austerity package includes a controversial plan for a “labor reserve” in which civil servants get reduced pay before being laid off, but the scheme only targets savings of 167 million euros over 2013 and 2014, a draft of the plan obtained by Reuters late last month showed.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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