Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Greek parliament approves transport shake up

ATHENS, Feb 16, 2011 – The Greek parliament approved controversial plans to restructure the debt-ridden public transport sector in Athens which have sparked a series of strikes by workers since December.

The plans involve merging the five companies running public transport in the capital into two organisations and shifting some 1,500 staff out of a total workforce of over 11,000 to other state agencies.

Fares have also gone up by between 20 and 30 percent, while bonuses that helped push salaries up by 43 percent between 2004 and 2009 will also be ended.

The five companies had combined losses of 580 million euros ($755 million) in 2009 and an accumulated debt of 3.8 billion euros, according to the government.

The government bill to streamline public transport is part of emergency measures to slash state deficits that nearly bankrupted the Greek economy last year.

Unions have reacted to the austerity measures dictated by the European Union and the International Monetary Fund with several general strikes and waves of street protests, some of them violent.

The parliament also voted to crack down on a civil disobedience campaign, which has seen users refuse to pay fare hikes or motorway tolls, by toughening the penalties for offenders.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...