A historic development took place at the Milan Stock Exchange, one of Italy’s major financial sector centres. The employees of the stock exchange decided to strike and stopped work upon the call of the unions. This decision was taken as a reaction to the plans to improve working conditions and shift the company’s activities abroad.
Strike Time and Participation Expectations
Leading unions in the banking and finance sector, FABI, First CISL and Fisac CGIL, announced the strike last week. The strike took place between 3.30pm and 5.30pm today and was expected to attract a large turnout of around 800 employees.
Justification for Strike by Unions
The unions blamed the Dutch-based Euronext company’s plans to shift its investments in the Milan Stock Exchange abroad and making its employees work overtime but not meeting their raise demands as the reason for the strike. Additionally, the failure to find a solution in the negotiations with the company was also effective in the decision to strike.
Statements of Unions
Alberto Buoso from the CISL union said that they had demanded a serious restructuring plan in the talks with the company, but since no solution could be found, they decided to strike. Sergio Castoldi from the FABI union said that they did not want to harm the companies on the stock exchange or the country with the strike, adding, “However, we want to send the message that there should be a dialogue with the company.”
Company Statements and Government Intervention
Euronext-Borsa Italiana, on the other hand, argues that the strike will not cause any disruption to the operation, while the Italian government is also on the scene to resolve the crisis on the stock exchange. Economy Minister Giancarlo Giorgetti announced that he is following the issue closely, while the Trade Ministry is expected to hold a meeting with union representatives next week.
