Greeks Take to the Streets to Protest Austerity

Greek citizens in 2010 accepted new taxes and severe cuts in government spending as the price of a bailout package from the European Union. Now the country is being asked to give up more as the price of a second cash infusion.

The EU and the IMF are currently combing through Greece’s books looking for opportunities to cut the country’s debt by about €100 billion. Most of that will come in the form of a haircut for current Greek bondholders. But the country’s total debt of about €350 billion also needs to be shaved if the €100 billion is to be forthcoming.

Buses, ferries, commuter trains, and journalists have all had work stoppages and large numbers of people demonstrated in the streets this morning, demanding that the EU and the IMF get out of the country.