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…
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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 Greeceās books looking for opportunities to cut the countryās debt by about ā¬100 billion. Most of that will come in the form of a haircut for current Greek bondholders. But the countryās total debt of about ā¬350 billion also needs to be shaved if the ā¬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.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.