Wine Products Council Goes on Strike
The strike starts today July 27th.
Last week's initial cooperation between the government and political opposition party DISY has disintegrated into finger pointing and angry exchanges. DISY accuses the AKEL ruling party of acting too little and too late to cut public spending.
AKEL secretary-general Andros Kyprianou hardened his stance, saying that he has not heard any austerity measures against wealthy companies and individuals and that AKEL seeks a 'balanced' package.
As the pressure rises amid a new downgrade from Moody's today, there is speculation that Finance minister Charilaos Stavrakis will offer his resignation to President Christofias when he returns from France today.
The pull and push between capitalist and communist approaches continues to pull the economy apart with no end in sight to the angry tug-of-war. The rift between political parties worsened after the July 11th explosion damaged Vasiliko power station, with DISY blaming the government for criminal negligence.
The damage to the economy from the explosion is expected to be around 2.4 billion euros, said Credit Suisse analysts. This would wipe out growth for the year 2011, and Moody's said that it expects GDP growth to be zero percent.