(Image source: Euronews)

BY STACEY WELSH

ANCHOR LAUREN GORES

Fire and tear gas filled the streets of Athens early Monday, after the government passed a new round of austerity measures. Al Jazeera has reaction from protesters.

“There is much anger against the current coalition. This man holds a rope, from which he wants to hang the government.”

Parliament ordered about 3 billion euro in savings. The package includes deep cuts to government spending, wages and pensions. In return, Greece gets a eurozone bailout in two years and billions from private creditors. The Guardian reports Greece’s prime minister...

“...warned before the vote that wages and pensions would go unpaid, hospitals and schools would be devoid of funding, banks would collapse and people's savings would be lost if the [Parliament] rejected the terms set for [the] bailout.”

Despite those threats, the New York Times reports, some analysts believe the cuts are hurting Greece.

"If Greece dug itself into a hole by borrowing beyond its means, as many argue, there is also a growing sense that the... austerity regimen of spending cuts and tax increases is burying Greece alive in that hole."

Bloomberg reports global stocks rose Monday...

“...and the euro strengthened while German bonds fell after Greek lawmakers approved austerity plans to secure rescue funds.”

This puts a spotlight on an upcoming meeting of European finance ministers Wednesday. Media outlets report officials are expected to agree to the bailout if Greece makes additional spending cuts. But CNN notes Greece has struggled to follow through with austerity measures...

“...and economic reforms that were a condition of its 2010 bailout package. At the same time, the Greek economy has been in recession for years and many analysts warn that additional austerity could make the situation worse.”

The Associated Press reports, Greek rioters upset over the austerity measures have seriously damaged more than 90 buildings in Athens. City officials estimate about 170 people have been injured in the protests.

Greece Cuts Spending, Citizens Riot

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Feb 13, 2012

Greece Cuts Spending, Citizens Riot

(Image source: Euronews)

BY STACEY WELSH

ANCHOR LAUREN GORES

Fire and tear gas filled the streets of Athens early Monday, after the government passed a new round of austerity measures. Al Jazeera has reaction from protesters.

“There is much anger against the current coalition. This man holds a rope, from which he wants to hang the government.”

Parliament ordered about 3 billion euro in savings. The package includes deep cuts to government spending, wages and pensions. In return, Greece gets a eurozone bailout in two years and billions from private creditors. The Guardian reports Greece’s prime minister...

“...warned before the vote that wages and pensions would go unpaid, hospitals and schools would be devoid of funding, banks would collapse and people's savings would be lost if the [Parliament] rejected the terms set for [the] bailout.”

Despite those threats, the New York Times reports, some analysts believe the cuts are hurting Greece.

"If Greece dug itself into a hole by borrowing beyond its means, as many argue, there is also a growing sense that the... austerity regimen of spending cuts and tax increases is burying Greece alive in that hole."

Bloomberg reports global stocks rose Monday...

“...and the euro strengthened while German bonds fell after Greek lawmakers approved austerity plans to secure rescue funds.”

This puts a spotlight on an upcoming meeting of European finance ministers Wednesday. Media outlets report officials are expected to agree to the bailout if Greece makes additional spending cuts. But CNN notes Greece has struggled to follow through with austerity measures...

“...and economic reforms that were a condition of its 2010 bailout package. At the same time, the Greek economy has been in recession for years and many analysts warn that additional austerity could make the situation worse.”

The Associated Press reports, Greek rioters upset over the austerity measures have seriously damaged more than 90 buildings in Athens. City officials estimate about 170 people have been injured in the protests.

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