Rolling strikes to result in power outages

GREECE faced power outages as workers at the main power utility began 48-hour rolling strikes to protest the company’s privatisation, part of austerity plans needed to avoid a national debt default.

The sell-off of state assets in the power company is a major step in a privatisation drive that must be completed by 2015. It is part of highly unpopular austerity plans, including more tax hikes and spending cuts, that must be passed by parliament by the end of the month if Greece is to get the next €12 billion installment of its €110bn bailout next month.

Without the funds, Greece will be unable to pay its debts as of the middle of July, triggering a default that would rock financial markets in Europe and abroad.