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Credit Demand Steady in December

South Africa’s growth in credit demand was for the most part steady in December at 6.21 percent, according to the central bank.


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Greece Approves Austerity Package

| International News by Staff Reporter

Amid clashes between protesters and police in the streets of Athens

Greek lawmakers recently approved a new set of stringent austerity measures in order to receive the next multi-billion euro bailout, amid scenes of chaos in the streets of Athens.

After hours of clashes between protestors and Athens police, leaving 54 people injured and many properties damaged, Greek lawmakers late on Sunday approved a new round of tough austerity measures required for Greece to receive their next bailout.

After the vote on Sunday Parliament Speaker Philippos Petsalnikos said, “Of 278 deputies present, 199 voted for, and 74 against.”

Those in the socialist PASOK party and rightwing New Democracy who voted against the law were subsequently expelled from their respective parties, according to news service Fin24.

The measures voted for on Sunday include a cut in the minimum wage of 22%; deregulating the labour market to make it easier to fire workers; and tax and pension reforms.

Police estimated crowds of around 80,000 protesters in Athens, including trade unionists, youths, communist activists and leftwing sympathisers, to oppose the stringent measures that will worsen an already tough situation for the average Greek citizen.

Some protesters also said they felt the international community was blackmailing Greece, adding that the measures were not solutions as they brought no growth.

Source: www.bizpremises.co.za