Is This A Spain Thing? Never Heard Of Bankers Striking

image

I know I mentioned this earlier, but, this just strikes me as strange.  If anyone should know about the need to cut overhead, the bankers should. 

MADRID (Reuters) – Workers at three of Spain’s bailed-out banks will stage strikes in coming weeks as they fight mass layoffs, unions said on Monday, spreading industrial unrest to a sector where walkouts have so far been rare.

Spain was forced to ask Europe for up to 100 billion euros ($132.9 billion) to help its weakest banks last year and four of the lenders it took over, including Bankia <BKIA.MC>, have to cut thousands of jobs and shrink their balance sheets as a condition of their rescue. …..

But about 20,000 layoffs planned for 2013, almost 10 percent of the total, could reduce the workforce to levels last seen in 1975, data from the unions showed – the year dictator General Francisco Franco died, marking the start of the country’s transition to democracy.

I don’t know what they’re protesting about.  The banks had to beg for money and agreed to the cuts in order to get the money.  Now they’re going to protest? 

About these ads
This entry was posted in Economics. Bookmark the permalink.

4 Responses to Is This A Spain Thing? Never Heard Of Bankers Striking

  1. gator69 says:

    The striking workers had no say in the negotiations, and of course are bearing the brunt of ‘cut backs’. I have seen it at the bank where I work. Record profits in 2012 for the upper management and shareholders; but only layoffs, benefit reductions and pay cuts for the masses.

    Barry said he would take care of Main St, and would punish Wall St. He has done exactly the opposite.

    • suyts says:

      One of the biggest problems with Zero trying to accomplish the stated goals is that he knows nothing about how to go about it, even if he were to really try to do so.

  2. philjourdan says:

    The big cheeses agreed – the lowly peons did not. And it is the lowly peons protesting.

    But it is an indication – and indication of a flawed society where Bankers are unionized. They are the antithesis of Unions.

  3. gator69 says:

    “Nicolas Sarkozy is preparing to move to London to set up a billion pounds plus investment fund, it was claimed today.

    If the move goes ahead, the controversial Frenchman will become the latest to escape a potential top tax rate of 75 per cent in his home country.”

    Read more: http://www.dailymail.co.uk/news/article-2266331/Nicolas-Sarkozy-Carla-Bruni-dodge-new-French-tax-hike-moving-London-setting-1billion-fund.html#ixzz2Ij7jm3yX

    C’est la vie!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s