Greeks Take to the Streets to Protest New Austerity Measures

Thousands of Greek citizens began to protest on the streets Saturday to protest the expected austerity measures.  These demonstrations most likely stem from the Greek finance minister's announcement that the country will begin to speed up their cost-cutting work. In the past, these cuts have ranged from many different public funds. Other austerity measures have also gone to raise taxes as well as firing thousands of civil workers. Around 5,000 police offers were deployed to calm the protesters, who's numbers reached over 15,000. This has been one of the many times Greek citizens have gone out to the public to protest extreme economic measures created by the government.

These austerity movements have had to be created throughout the Greek debt crisis. Like most countries, Greece requires investors to lend the government money so they can carry out regular public spending. Due to hasty spending by officials as well as lenders requesting higher interest, Greece has slowly gone into debt. The country had to attempt a last resort to save their country from going into default, a 120 billion euro bailout from the European Union as well as the International Monetary Fund. However, countries like Germany as well as officials from the International Monetary Fund have required that many different public spending cuts be made to counteract the countries enormous debt. As time has gone on, there has become more and more fear that Greece may need to completely default on it's debts to other countries as well as investments from banks and private investors.

-Nate

Sources:

• http://www.bbc.co.uk/news/business-14816627
• http://www.cnn.com/2011/WORLD/europe/09/10/greece.economy.protests/index.html
• http://www.bbc.co.uk/news/business-13798000
• http://www.guardian.co.uk/world/2010/may/06/greek-debt-crisis-economy