TIME protest

Workers Rally on May Day Across the World

A masked protestor runs away from tear gas during a May Day rally at Okmeydani in Istanbul on May 1, 2015.
Yasin Akgul—AFP/Getty Images A masked protestor runs away from tear gas during a May Day rally at Okmeydani in Istanbul on May 1, 2015.

May 1 regularly sees clashes between police and militant groups in some cities

(HAVANA) — Left-wing groups, governments and trade unions were staging rallies around the world Friday to mark International Workers Day.

Most events were peaceful protests for workers’ rights and world peace. But May 1 regularly sees clashes between police and militant groups in some cities.

International Workers Day originates in the United States. American unions first called for the introduction of an eight-hour working day in the second half of the 19th century. A general strike was declared to press these demands, starting May 1, 1886. The idea spread to other countries and since then workers around the world have held protests on May 1 every year, although the U.S. celebrates Labor Day on the first Monday in September.

Here’s a look at some of the May Day events around the world:

TURKEY

Police and May Day demonstrators clashed in Istanbul as crowds determined to defy a government ban tried to march to the city’s iconic Taksim Square.

Security forces pushed back demonstrators using water cannons and tear gas. Protesters retaliated by throwing stones and hurling firecrackers at police.

Authorities have blocked the square that is symbolic as the center of protests in which 34 people were killed in 1977.

Turkish newswires say that 10,000 police officers were stationed around the square Friday.

The demonstrations are the first large-scale protests since the government passed a security bill this year giving police expanded powers to crack down on protesters.

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CUBA

Thousands of people converged on Havana’s Plaza of the Revolution for the traditional May Day march, led this year by President Raul Castro and Venezuelan President Nicolas Maduro. After attending Cuba’s celebration, Maduro was to fly back to Caracas to attend the May Day observances in his own country.

The parade featured a group of doctors who were sent to Africa to help in the fight against Ebola. Marchers waved little red, white and blue Cuban flags as well as posters with photos of revolutionary leader Fidel Castro, his brother Raul, and the late Venezuelan leader Hugo Chavez.

Additional marches were held in major cities around the island, including Santiago and Holguin in the east.

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SOUTH KOREA

Thousands of people marched in the capital Seoul on Friday for a third week to protest government labor policies and the handling of a ferry disaster that killed more than 300 people a year ago.

Demonstrators occupied several downtown streets and sporadically clashed with police officers. Protesters tried to move buses used to block their progress. Police responded by spraying tear gas. There were no immediate reports of injuries.

South Korean labor groups have been denouncing a series of government policies they believe will reduce wages, job security and retirement benefits for state employees.

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PHILIPPINES

More than 10,000 workers and activists marched in Manila and burned an effigy of Philippine President Benigno Aquino III to protest low wages and a law allowing employers to hire laborers for less than six months to avoid giving benefits received by regular workers.

Workers in metropolitan Manila now receive 481 pesos ($10.80) in daily minimum wage after a 15 peso ($0.34) increase in March.

Although it is the highest rate in the country, it is still “a far cry from being decent,” says Lito Ustarez, vice chairman of the left-wing May One Movement.

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GREECE

In financially struggling Greece, an estimated 13,000 people took part in three separate May Day marches in Athens, carrying banners and shouting anti-austerity slogans. Minor clashes broke out at the end of the peaceful marches, when a handful of hooded youths threw a petrol bomb at riot police. No injuries or arrests were reported.

Earlier, ministers from the governing radical left Syriza party joined protesters gathering for the marches, including Finance Minister Yanis Varoufakis — who was mobbed by media and admirers — and the ministers of labor and energy.

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GERMANY

Police in Berlin say the traditional ‘Walpurgis Night’ protest marking the eve of May 1 was calmer than previous years.

Several thousand people took part in anti-capitalist street parties in the north of the city. Fireworks and stones were thrown at police, injuring one officer. Fifteen people were detained. Elsewhere in the German capital revelers partied “extremely peacefully,” police noted on Friday morning.

At noon, Green Party activists unveiled a statue at Alexanderplatz in central Berlin of Edward Snowden, Julian Assange and Chelsea Manning, considered heroes by many on the left for leaking secret U.S. intelligence and military documents. The statue, called “Anything to say,” depicts the three standing on chairs and is scheduled to go on tour around the world, according to the website http://www.anythingtosay.com/.

In the central German city of Weimar far-right extremists attacked a union event. Police said 15 people were injured and 29 were arrested.

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RUSSIA

In Moscow, tens of thousands of workers braved chilly rain to march across Red Square. Instead of the red flags with the Communist hammer and sickle used in Soviet times, they waved the blue flags of the dominant Kremlin party and the Russian tricolor.

Despite an economic crisis that is squeezing the working class, there was little if any criticism of President Vladimir Putin or his government.

The Communist Party later held a separate march under the slogan “against fascism and in support of Donbass,” with participants calling for greater support for the separatists fighting the Ukrainian army in the Donbass region of eastern Ukraine.

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ITALY

In Milan, police released water from hydrants against hundreds of demonstrators, many of them scrawling graffiti on walls or holding smoky flares during a march in the city, where the Italian premier and other VIPs were inaugurating Expo, a world’s fair that runs for six months.

An hour into the march, protesters set at least one parked car on fire, smashed store windows, tossed bottles and chopped up pavement.

Italian labor confederation leaders held their main rally in a Sicilian town, Pozzallo, where thousands of migrants from Africa, the Middle East and Asia have arrived in recent weeks after being rescued at sea from smugglers boats. Hoping to settle for the most part in northern Europe, the migrants are fleeing poverty as well as persecution or violent conflicts in their homelands.

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SPAIN

Around 10,000 protesters gathered under sunny skies in Madrid to take part in a May Day march under a banner saying “This is not the way to come out of the financial crisis.”

Spain’s economy is slowly emerging from the double-dip recession it hit at the end of 2013, but the country is still saddled with a staggering 23.8 percent unemployment rate.

“There should be many more of us here,” said demonstrator Leandro Pulido Arroyo, 60. “There are six million people unemployed in Spain, and many others who are semi-unemployed, who although they may be working don’t earn enough to pay for decent food.”

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POLAND

Rallies in Warsaw were muted this year after Poland’s weakened left wing opposition held no May Day parade.

Only a few hundred supporters of the Democratic Left Alliance, or SLD, and of its ally, the All-Poland Trade Union, gathered for a downtown rally Friday to demand more jobs and job security.

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BRAZIL

President Dilma Rousseff skipped her traditional televised May Day address, instead releasing a brief video calling attention to gains for workers under her leadership.

In the video, Rousseff says the minimum wage grew nearly 15 percent above the rate of inflation from 2010-2014. Her office said the choice to roll out several short videos via social media Friday was aimed at reaching a younger public.

TIME Innovation

What Happens After Assad

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

These are today's best ideas

1. Assad might be on his way out. But things will get worse before they get better.

By Walter Russell Mead in the American Interest

2. You could rent a Tesla battery to power your house during a blackout.

By Benjamin Preston in the Guardian

3. It’s really going to happen: A Greek exit from the Euro is almost inevitable.

By the Economist

4. Inmates are having burner phones and marijuana delivered by drones.

By Michael S. Schmidt in the New York Times

5. Can we reinvent elite education at half the cost?

By Jeff Selingo at LinkedIn

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

TIME Ideas hosts the world's leading voices, providing commentary and expertise on the most compelling events in news, society, and culture. We welcome outside contributions. To submit a piece, email ideas@time.com.

TIME Behind the Photos

How Photographers Are Trying to Put a Face on Europe’s Migrant Crisis

"I wanted to show that behind each migrant there’s a person”

European leaders are grappling with what’s being called one of the worst migrant and refugee crises in two generations. On Thursday, in a hastily formed summit in Brussels called after an estimated 800 people died in a capsizing off Libya while en route to Europe, leaders pledged new support to cap the rising death toll in the Mediterranean. But aid organizations and humanitarian officials said Europe is still “lagging far behind” of what’s realistically needed to ease the tragedy.

The crisis along the Mediterranean’s coastlines, from Libya to Morocco and Greece to Italy, is not new. Photographers have worked over the last decade to raise awareness as conflict and poverty in the Middle East and Africa have displaced millions. Last June, one image crystallized the scale of this movement. Shot by Italian photographer Massimo Sestini aboard a helicopter taking part in Mare Nostrum, an Italian-led search and rescue operation largely funded by the European Union and abandoned late last year, it showed one boat with hundreds of people looking up, waving their arms. “You could see their desperation,” Sestini said last year. “And, concurrently, their happiness at being saved.”

The photograph, which TIME named one of the top 10 images of 2014, went on to win a World Press Photo award, but it told only one part of a much larger story.

“The only way to really tell the story is to spend time with them in their home countries, see how they live, learn why they leave and then just go with them on their way,” says Daniel Etter, a German photographer, who has documented migrants in northern Africa and across Europe. He called that “almost impossible” to do. Security risks, travel obstacles and financial barriers get in the way, leaving most photographers unable to build the kind of all-encompassing narrative that could help people understand the true nature of the crisis.

Some photographers have attempted to piece together the stories of migrants who risk their lives on these journeys. Alixandra Fazzina, a photographer with Noor, followed Somali migrants’ arduous trip across the Gulf of Aden in search of a better future in her book A Million Shillings, published in 2010. One in 20 who attempted the crossing lost their lives, their bodies washing up on Yemen’s shore.

She wanted to go deeper, she says, than the “small paragraph you find in a newspaper detailing the number of people that have died… I wanted to find out why they were making the journey. I wanted to find out why these people were willing to put their lives into the hands of smugglers and traffickers? Why would somebody do that?”

Olivier Jobard, a French photographer who followed a Cameroonian man’s trek to France, seeks similar answers. “What’s bothering me when we’re talking about immigration is that we often associate these people with ghosts and shadows,” he says. “They are not human in our minds.”

Italian photographer Alessandro Penso, who has been following migrants around Europe, focusing on hotspots like Greece, Italy and Malta, says he seeks moments of spontaneity to expose the humanity of his subjects.”There are simple gestures and habits in daily life that, as banal as they can seem to our eyes, hide the simple truth that we are all humans and vulnerable.”

Humanizing the people making these dangerous and harrowing journeys is important, Penso and his colleagues argue, especially when photography can lead to misconceptions. Cases in point are the widely published photographs of “hordes” of people scaling border fences in Melilla, a Spanish enclave on the edge of northern Morocco. “[When] people see these images,” says Santi Palacios, an Associated Press photographer who has taken such pictures, “they [think] we’ve been invaded.”

The people portrayed in these images are often seen shirtless and shouting, Jobard says, deliberately assuming a provocative stance. “They actually choose to behave like ‘wild animals’ in these situations—to impress or to scare people because it’s a real battle to get in [Melilla]. Of course, that also does them disservice.”

Once they’ve made it over the fence, he says, the contrast is striking. “They dress up, they take care of their appearances.” Last year, he shadowed a man named Hassan Adam from the Ivory Coast, who spent hours on one of these fences, alone. His friends had made it across to Melilla, successfully avoiding the police forces, but Adam was handcuffed, beaten and sent back to Morocco. Jobard tracked him down, months later, after he had finally made it across. “I told his story,” he says. “I wanted to show that behind each migrant there’s a person.”

For all of those who made it over the fence, or past border patrols or across the Mediterranean, there are untold thousands who lost their lives in the search for a new or better one. In October, Italian photographer Francesco Zizola dived 59 meters to photograph the wreckage of a boat that had carried some 500 people, and now rests at the bottom of the Mediterranean. He sought to convey the vastness of the tragedy that had occurred one year before, when 360 people lost their lives.

“I wanted to show to everybody that our comfortable, bourgeois homes could turn—as if in a nightmare—into that cabin with the red curtain, which I photographed inside the sunken ship,” he says. “That cabin is the tomb of our collective conscience and a memento of our indifference.”

Alice Gabriner and Mikko Takkunen edited this photo essay. With reporting by Lucia De Stefani, a contributor to TIME LightBox.

Andrew Katz is a News Editor at TIME. Follow him on Twitter @katz. Olivier Laurent is the editor of TIME LightBox. Follow him on Twitter and Instagram @olivierclaurent.

TIME Greece

Greece Seeks $305 Billion in WWII Reparations From Germany

GREECE-ECONOMY-POLITICS-DEBT
Louisa Gouliamaki—AFP/Getty Images Greek Finance Minister Yanis Varoufakis arrives to present his ministry's new secretaries at a press conference in Athens on March 4, 2015.

Amid a continuing negotiation over debt relief from the European Union bailout

Greece released its first quantifiable demand for WWII reparations from Germany on Monday, estimating that the German government owed Greece 279 billion euros ($305 billion) in damages from the Nazi occupation of the country.

Deputy Finance Minister Dimitris Mardas announced the reparations figure during a parliamentary committee meeting on Monday, Reuters reports. The estimate includes looted national treasures and a 10.3 billion euro “occupation loan” that was extracted from the Bank of Greece during the 1940s occupation.

Germany has rejected Greece’s continuing claims for reparations, arguing that a previous payment in 1960 of 115 million deutschmarks settled its historic debts.

The demand comes as Greece has pressed for debt relief from the European Union and International Monetary Fund, which rescued the Greek government from insolvency in exchange for strict austerity measures.

[Reuters]

 

TIME portfolio

A Powerful Look Inside Austerity-Hit Greece

This is a humbling, often intense, meditation on the fragility of social cohesion

When the European sovereign debt crisis hit in 2008, media commentary often focused on the fate of the so-called “PIIGS“. Namely, Portugal, Italy, Ireland, Greece and Spain. These were the countries saddled with the largest debt and slowest economic growth, and were the ones — excepting Spain and Italy — that received multi-billion dollar bailouts from the E.U. and International Monetary Fund. These emergency plans, it was said, would keep their economies afloat, but came with a caveat: governments would have to massively reduce spending in an effort to rein in their out-of-control finances.

The move was deeply unpopular. In Greece, austerity measures became associated with public sector layoffs, welfare cuts and later, to the rise of far right and far left political parties. In Ireland, large scale emigration and a collapsed property market dominated the national conversation, while Portugal dealt with mass youth unemployment.

Today, things have changed — at least for some. On paper, Lisbon and Dublin seem to be recovering, with their gradually rising credit ratings. But the situation in Athens often looks like it’s getting worse. Today, it is estimated that close to one million Greeks do not have access to healthcare — which has been linked to a rise in HIV infection, infant mortality and suicide rates — while 40 percent of Greek children live below the poverty line.

It is this Greece that photographer Angelos Tzortzinis set out to capture. Over the course of six years, he has documented the effects of austerity measures in his native country, one he says he no longer recognizes.

The images that have emerged are as powerful as they are shocking. The photographer shows us everything from charged Golden Dawn rallies to women working as prostitutes, and from immigrants seeking shelter to drug addicts in their bedrooms. This is a humbling, often intense, meditation on the fragility of apparent social cohesion and on the very real impact that political and economic policies can have on everyday life.

Angelos Tzortzinis is a photographer based in Athens

Richard Conway is a contributor for TIME LightBox

 

TIME portfolio

See the Most Surreal Easter Celebration

In a small Greek village, fireworks turn into a friendly war

In the late 1800s, when Turkey occupied the small island of Chios, which now forms part of Greece, the local Orthodox Christian population wasn’t allowed to celebrate Easter. But, in the small village of Vrontados, two churches came up with a cunning plan to keep the Turkish authorities away while they celebrated Jesus Christ’s resurrection from the dead: they staged a fake war using cannons and fireworks.

This tradition, born of religious fervor, continues to this day.

Each year, as Easter Sunday looms, the parishes of the Agios Markos and Panagia Erithiani churches, which sit on opposite hills, unleash thousands of homemade firework rockets on each other, creating one of the world’s most surreal pyrotechnic displays.

Photographer Marco Kesseler witnessed the event last year. “Up until the Saturday before Easter, it’s a very secretive process,” he tells TIME. “They build these rockets all year long, chopping down trees, turning the wood into charcoal that they mix with sulfur and potassium nitrate to make a basic gunpowder.”

These homemade rockets are then stocked in houses up in the mountains – away from prying eyes. “In the days before the event, the village is almost deserted,” says Kesseler. “If you ask anyone, they wouldn’t tell you anything.”

On the day of the Rocketwar, as it’s now called, the village comes to life. “It’s all about the celebration of Easter and people really get into it,” says Kesseler. “The rockets are brought out with a kind of fanfare. In the morning, they build these huge firing ranges. One of the teams has this incredible barricade that goes across the valley, and they use scaffolding poles and planks to create this walkway that’s 10 to 20 feet up in the air. In the evening, they launch some rockets to test their aim. And when dusk comes, they all start to fire.”

Within just a few hours, more than 100,000 rockets are shot across the valley, illuminating the village under the gaze of hundreds of spectators.

At 11:30 p.m., a ceasefire is called between both sides to allow parishioners to enter their respective churches for mass. “They start again while people are in the churches,” says Kesseler, “before calling for another ceasefire after midnight, at the end of the service.”

The goal for both teams is to hit the opposite church’s bells. The team with the larger number of hits wins the war, but since it’s always impossible to count all successful hits, both teams agree to a draw and a rematch is called for the following year. “It’s their excuse to continue this tradition,” says Kesseler.

The next day, the village’s streets are littered with spent cartridges and sticks. “As the village wakes up, people come to collect old sticks either to reuse them the following year,” says Kesseler. “It’s an incredible spectacle.”

Marco Kesseler is a freelance photographer based in London, U.K.

Olivier Laurent is the editor of TIME LightBox. Follow him on Twitter and Instagram @olivierclaurent

TIME Photojournalism Links

The 10 Best Photo Essays of the Month

A compilation of the 10 most interesting photo essays published online in February, as curated by Mikko Takkunen

This month’s Photojournalism Links collection highlights 10 excellent photo essays from across the world, including Stephanie Sinclair‘s work on child and underage brides in Guatemala in the latest installment of her decade-long project spanning 10 countries to document the issue of child marriage around the world. In Guatemala, over half of all girls are married before 18, and over 10% under 15. Many girls marry men far older than themselves, end up withdrawing from school and become mothers long before they are physically and emotionally ready. Sinclair’s powerful pictures and accompanying video capture Guatemalan girls trying to come to terms with the harsh realities of early motherhood, especially for those who have been abandoned by their husbands.

Stephanie Sinclair: Child, Bride, Mother (The New York Times) See also the Too Young To Wed website.

Sebastian Liste: The Media Doesn’t Care What Happens Here (The New York Times Magazine) These photographs capture a group of amateur journalists trying to cover the violence in one of the largest urban slums in Brazil, Complexo do Alemão in Rio de Janeiro.

Ross McDonnell: Inside the Frozen Trenches of Eastern Ukraine (TIME LightBox) The Irish photographer documented the Ukrainian soldiers in the week preceding the most recent, fragile cease-fire.

Sergey Ponomarev: Pro-Russian fighters in the ruins of Donetsk airport (The Globe and Mail) Haunting scenes of the Pro-Russian held remains of Donetsk airport.

Alex Majoli: Athens (National Geographic) The Magnum photographer captures the people of Greece’s struggling capital for the magazine’s Two Cities, Two Europes feature on Athens and Berlin.

Gerd Ludwig: Berlin (National Geographic) Ludwig documents Germany’s booming capital for the magazine’s Two Cities, Two Europes feature on Athens and Berlin.

John Stanmeyer: Fleeing Terror, Finding Refuge (National Geographic) These photographs show the desperate conditions facing Syrian refugees in Turkey.

Edmund Clark: The Mountains Of Majeed (Wired RawFile) The British photographer’s latest book is the Bagram Airfield U.S. Military base in Afghanistan, which one held the infamous detention facility. Also published on TIME LightBox.

Sarker Protick: What Remains (The New Yorker Photo Booth) This moving, beautiful series documents the photographer’s grandparents. The work was recently awarded 2nd Prize in the Daily Life stories category in the World Press Photo 2015 contest.

Muhammed Muheisen: Leading a Double Life in Pakistan (The Washington Post In Sight) The Associated Press photographer captures a group of cross-dressers and transgender Pakistani men to offer a glimpse of a rarely seen side of the conservative country.

TIME Greece

Watch This Hilarious Satire of the Greek Bailout Crisis

This parody of German-Greek relations has some strong language

Germany may have the fourth largest economy in the world, second largest gold reserves (don’t ask where it came from) and a celebrated sense of humour but they don’t have the hippest finance minister in the world.

Greek finance minister Yanis Varoufakis rides a motorbike, wears leather jackets, never wears a tie and petrifies Germany according to this video, V for Varoufakis, made by ZDFNeo, a German television channel that targets the 18-45 age group.

Greeks may wish Varoufakis had a greater impact than the video suggests but on Friday the German parliament agreed to continue to loan Greece money to prevent the country becoming bankrupt,

TIME Greece

Violence Erupts in Greece Ahead of German Vote on Bailout

Minor clashes in Athens
ORESTIS PANAGIOTOU—EPA Riot policemen try to avoid a molotov cocktail during clashes after the end of an antigovernment protest called by leftist groups in Athens on Feb. 26, 2015

Protesters clashed with police, throwing stones and setting cars on fire

Violence broke out in Greece’s capital, Athens, on Thursday for the first time since the new government came to power a month ago, and one day before Germany is set to vote on whether to extend the European bailout of the debt-ridden country.

Around 50 of the 450 protesters that took to the streets on Friday clashed with riot police, throwing stones and petrol bombs and burning vehicles, the BBC reports.

The outrage is directed toward new Greek Prime Minister Alexis Tsipras, who came to power promising to end austerity measures imposed on the country because of its spiraling debt. Tsipras is now defending a four-month financial-aid extension on the condition of government reforms, causing dissent even within his own Syriza party.

Although the bailout extension has been approved by the euro zone’s Finance Ministers, it will only go into effect following votes from the parliaments of several European nations.

[BBC]

TIME Greece

Greece Submits New List of Bailout Reforms to Europe Chiefs

Greece Prime Minister Alexis Tsipras listens to Greek President Karolos Papoulias during their meeting at Presidential Palace in Athens, Greece on Feb. 18, 2015.
Thanassis Stavrakis—AP Greece Prime Minister Alexis Tsipras listens to Greek President Karolos Papoulias during their meeting at Presidential Palace in Athens, Greece on Feb. 18, 2015.

Dutch finance minister said list of planned reforms seemed likely to be an adequate basis for further negotiations

Greece’s new government has cleared the first of what’s likely to be many hurdles as it tries to buy time for its plans to get the country out of its economic mess.

Jeroen Dijsselbloem, the Dutch finance minister who chairs the Eurogroup committee of Treasury heads, said he had received, on time, a list of planned reforms that Greece wants to replace the less palatable aspects of the country’s €240 billion bailout plan, and that it seemed likely to be an adequate basis for further negotiations.

Getting the list to Brussels by close of business Monday was the first condition of a deal struck Friday which will keep the current program alive, ensuring that neither the government nor Greek banks will run out of money in the near term.

The list of proposals sent by Finance Minister Yanis Varoufakis contains more general principles than concrete measures, most of which can be summed up in its final sentence promising that “its fight against the humanitarian crisis has no negative fiscal effect” – in other words, putting the bailout’s budget targets before its election promises to spend lavishly on those worst hit by the crisis.

The list also appears to back down on key demands made by the creditors on issues like value-added tax and pension reform. It also outlines ambitious plans to crack down on tax evasion and smuggling and to close loopholes in the system, in an effort to redistribute more of the tax burden to big companies and richer individuals.

It also commits not to roll back privatizations that have already been completed, and to phase in a new “smart” approach to wage bargaining, essentially opening the door to firm-by-firm agreements that the creditors insist are key to making the country’s labor market work better. Greece’s jobless rate of 25.8% (as of December) is the highest in Europe, after a five-year recession that destroyed a quarter of the country’s economy. Plans for an immediate and sharp increase in the minimum wage have also been dropped, replaced by another “phased in” suggestion.

Dijsselbloem said the Eurogroup would hold a conference call later Tuesday at which it would discuss whether to accept the proposals as a basis for negotiations.

The proposals were greeted with approval in Germany, Greece’s largest creditor in the Eurozone. Vice-Chancellor Sigmar Gabriel was quoted by Reuters as saying he was “cautiously optimistic that we are…moving step by step to a solution of the conflict,” while Finance Minister Wolfgang Schäuble asked parliament to approve Greece’s request for a four-month extension to the program, in line with Friday’s deal.

Greece’s stock and bond markets reacted joyously to the news, with the benchmark stock index rising 7.2% and the risk premiums on Greek government and bank debt tumbling. The yield on the government’s five-year bond fell by over two percentage points from over 14% to 12.12% by lunchtime in Athens.

Not quite everybody was happy, however. The government’s proposal to crack down on public procurement processes is bad news for companies that have done well out of the existing system. Shares in Dromeas SA, the country’s largest maker and seller of office furniture, fell 8.5% as Varoufakis took aim at non-salary and non-pension spending which “account for an astounding 56% of total public expenditure,” the letter noted.

This article was originally published on Fortune.com

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