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Markets closed, blackouts as Greek workers protest reforms

Business Materials 5 March 2008 17:45 (UTC +04:00)

(dpa) - Trading on the Athens' Stock Exchange remained suspended for the second straight day and parts of Greece suffered blackouts Wednesday as union workers staged strikes over pension reforms.

The country's stock and bond markets remained shut after striking workers at the Bank of Greece refused access to a technology centre that is used to operate the exchange.

Meanwhile, blackouts were reported across Greece as workers at more than 19 out of 31 electricity plants around the country walked off the job.

Dock workers at the main Pireaus port near Athens and the Thessaloniki Port launched a 24-hour strike Wednesday, halting all cargo services, while bank workers and parts of Athens' railway system also stopped operating due to walkouts.

In a show of support municipal workers have called a 24-hour strike for Friday, which will likely affect rubbish collection across the Greek capital.

Workers have launched a wave of strikes to protest proposed pension reforms, which look to increase retirement ages while cutting benefits to millions of future retirees.

They are also protesting government efforts to merge dozens of pension funds into five to eight main funds.

The conservative government, under the leadership of Costas Karamanlis, is under pressure to press forward with reforms, mainly involving the country's ailing pension system which runs the risk of going bankrupt in 20 years because of an ageing population and low birth rate.

The proposed plan will be submitted as draft legislation to parliament Thursday.

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