A trader in Greece relays the mood to us. Basically: The painful part of austerity hasn't even hit yet, nobody in Europe has any idea what's going on, and social strife, if it seems bad now, will become a daily issue, BusinessInsider writes.
The decisions that will announced this coming Wednesday probably, will be critical to forming the sociopolitical and economic background for the next year or so.Meantime, keep in mind that most recent govt decisions and measures, including those voted for this past Thursday, have not yet been implemented.
…In that respect, the social turmoil that we are currently observing relates mostly to announcements alone, so far. Over the next few months, these announcements will have to be implemented. The additional taxes will have to paid, state / public workers will actually be laid off. Unemployment in the private sector continues and will continue for the foreseeable near term at least, to increase. Incomes are being cut both in the public sector and now also in the private sector as labor market rigidities in the legal framework are being substantially reduced, labor unions are marginalized and tax laws are revised and extended. Pensions have already been significantly reduced and will most probably be reduced even further.
The impact of most of what I have noted above is only now just beginning to be felt...
Wait, wait. There's more. Check out http://www.businessinsider.com/a-greek-trader-tells-us-the-grim-state-of-greece-right-now-2011-10
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