Financial protests in Greece lead to violence

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Twenty-five protesters and 40 police officers were injured in Athens, Greece Monday when several buildings were set ablaze, according to

Citizens are protesting about a new plan that will cut government spending, wages, and pensions in hopes of achieving a €130 billion ($172.6 billion) bailout deal from eurozone finance ministers.

Thousands showed up in the square outside Athens' national assembly building, facing off against 6,000 police officers, according to the Guardian.

Prime Minister Lucas Papademos said failing to support the bill would result in bankruptcy.

"It would create conditions of uncontrolled economic chaos and social explosion," Papademos said.

Greece is planning on reducing its debts from 160 percent of gross domestic product to 120 percent by 2020, according to

Germany has put pressure on Greece recently, saying they need to make deeper cuts than those presented in the bill.

German finance minister Wolfgang Schauble said, "The promises from Greece aren't enough for us any more."

"Greece needs to do its own homework to become competitive - whether that happens in conjunction with a new rescue programme or by another route that we actually don't want to take."

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This page contains a single entry by geiss035 published on February 12, 2012 9:22 PM.

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