As of 1 March, the government eliminates collective labour agreements and wages in the private sector will be reduced by an average of 22%. The collective action clause CACs in the PSI process will be triggered if the involvement of private creditors in debt reduction exceeds two-thirds or 66%.
Traditionally, any attempt to privatize a publicly owned enterprise faces acute response by trade unionists and the political power does not show great commitment to the utilization of large publicly owned abandoned property.
Fitch Agency downgraded Greece from CCC to C, report news agencies. The reason is the second bailout to the country, voted by the Eurogroup, which provides for the involvement of private creditors in the exchange procedure of Greek securities.