(Image source: Greeceforu)

BY MIKKEL NOEL LANZKY

ANCHOR ANA COMPAIN-ROMERO

Tens of thousands of Greeks march in the streets as a 48 hour general strike sweeps the country. The demonstrators are protesting the latest austerity measures. MNSBC brings us up to speed:

“Some of the protesters shouted ‘We can’t bleed any longer.’ The violence has brought busses, trains, and ferries across Greece to a standstill and scores of flights are disrupted. And for the first time small businesses organized by the country’s two biggest labor unions are joining in on the strikes.”

The new plans include a 15 percent pay cut for public employees and call for 30,000 civil servants to be suspended with only partial pay. But even if these measures pass, the Greek economy could still be a lost cause, according to Nobel Memorial Economic Laureate Michael Spence. He tells CNBC...

“Greece probably can be bailed out in terms of affordability on the fiscal debt, but they’re 40 percent out of bounds in terms of being able to grow the economy. They have a huge trade deficit with the rest of Europe. And they don’t have the exchange rate, so it’s very hard to see how you can keep Greece in the Euro zone and have them have a future.”

In June, Greece also witnessed demonstrations over budgetary concerns, but this time, as Al Jazeera notes, the general population is more present on the picket lines.

“These are public hospital staff along with ambulance teams. What’s really striking now is the broader spectrum from the Greek work force of four million now expressing their despair.”

And many Greeks feel they can’t shoulder the burden of more cuts. As Danish newspaper Information reports, cuts already made have been harsh on health care.

“People bribe doctors with gifts, because they do not have 7 Euros for the consultation. Hospitals have been cut by 40 percent in two years, and even people with health insurances cannot afford their medication anymore. Suicides and malnourished children are common occurrences.”

Greece’s Prime Minister George Papandreou appeals to his countrymen to stand the crisis out together. But his party is now trailing in the polls, and TIME reports many protesters are desperate.

“The crowd yelled at the police, who doused them with tear gas again. [A woman] covered her face with the sleeve of her cardigan. ‘Shame on you,’ she coughed at a young officer. ‘We're running out of hope. Can't you see?’”

The first round of the measures passed Parliament Wednesday. The vote for the second round takes place Thursday. Should it pass, Greece hopes to be eligible for another round of bailout funds, which Euro zone leaders will decide on this weekend.

Transcript by Newsy.