Opening Bell: Anti-austerity riots in Greece, Luas disruption to continue, floating AIB

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Eurozone Finance Ministers will hold emergency talks today on the Greek financial crisis.

There have been riots in the Greek capital over the latest conditions attached to their EU-IMF bailout.

Under the deal, major pension cuts and tax reforms are needed to secure the third tranche of loans.

The new measures were passed in the Greek parliament after 153 of the country's 300 MPs voted in favour of the budgetary changes, which are said to be worth €5.4bn.

Voters are unhappy that the far left Syriza party approved the measures despite promises to end austerity.

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Luas drivers are expected to serve notice today of up to eight extra strike days for next month.

The Dublin tram service shut for the tenth time last week as drivers took to the picket line as part of its long-running pay dispute.

Luas operator Transdev stands to lose €100,000 every day the drivers strike and management at the company insist that the 23% pay claim sought by the workers is 'unaffordable.'

Four more days of industrial action are also planned for May 13th, 20th, 26th and 27th.

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Ireland's new Fine Gael-led Government will need to act quickly if it wants to float AIB during this year.

The Irish Times reports that a floatation in mid-November is being considered - to pass through the planning process this would require a decision soon.

The Irish State will not sell-off anymore than 25% of AIB before 2019 according to the draft programme for government which was published online last week.

Finance minister Michael Noonan previously said that Fine Gael would be ready to call for the sale during 2016 should voters return the party to power.

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The British Prime Minister will warn this morning that leaving the EU could risk Europe's peace.

David Cameron will make reference to the UK's history - including the two world wars and the Battle of Waterloo.

The prime minister will say "Britain has a fundamental national interest" in avoiding future conflicts between European countries.

 

Additional reporting by IRN