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Nov 26, 2010

STRIKES * Portugal - ‘Greve geral’ gets underway in

Portugal’s CDS spreads hit record levels as investor jitters remain

Lisboa,Portugal -Reuters/MarketWatch, by Barbara Kollmeyer -Nov. 24, 2010: -- In echoes of labor unrest seen across Europe this year, Portugal’s public and private sectors united on Wednesday for what some are calling the country’s biggest-ever strike to protest government austerity measures... The “Greve Geral”, or general strike, called by the General Confederation of the Portuguese Workers (CGTP) and the General Union of Workers (UGT), was estimated to potentially cost the economy between 200 million and 400 million euros ($266 million to $533 million), according to reports... The biggest effect of the strike was on transportation and health-care facilities as workers stayed home, while some private companies also shut their doors. The website of the CGTP said 84% of metro lines were affected by strikes... (Photo from Reuters - Union members block the entrance of a Volkswagen car factory during a general strike in Palmela, on the outskirts of Lisboa. November 24, 2010)

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