Wednesday 16 February 2011

Egyptian bank shutdown and strikes hit industry | Reuters

Egyptian manufacturers have cut output because banks are closed while labour unions have taken the country's revolution as a cue to stop work and demand better pay and conditions, industry managers said on Wednesday.

The military-backed government has slashed its forecast for economic growth and the army urged Egyptians on Monday not to strike, appealing to their sense of national duty. Military officials say stoppages would be disastrous for the economy.

But unions, emboldened by the overthrow of President Hosni Mubarak last week, are still pressing their demands. More than 12,000 workers at state-owned Misr Spinning and Weaving went on strike on Wednesday. In the coastal city of Damietta, about 6,000 spinning and weaving workers were also striking.

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