Riots Reverberate Across Europe's Distressed Countries This Week; Greece Shuts Down Its Government For A Day

Wednesday, September 26, 2012 08:27
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Riots Reverberate Across Europe's Distressed Countries This Week; Greece Shuts Down Its Government For A Day

Tags: economy | European crisis | European zone

Riots are erupting in Greece as labor unions protesting salary and pension cuts have taken to the streets in Athens. The walkout is a test for the new government coalition in Greece and of Prime Minister Antonis Samaras’ leadership.

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Greece will run out of money in about a month. Samaras is negotiating a bailout package worth $15 billion that will please the troika of Greek creditors, made up of the European Central Bank (ECB), the International Monetary Fund (IMF), and the European Commission.
 
Rebellion against austerity mandates tied to aid are reverberating across Europe.
 
Thousands of protesters in Spain were out on Monday, September 24. Last week saw half a million people march in cities across Portugal to protest mandated increases in contributions to social security.
 
The cuts being discussed tied to release of much needed funds for Greece have ignited new anger that shut down government services for the day.
 
Eruption of violence between the political parties in Greece could blast apart the fragile coalition government formed late spring.
 
Greece has been a sticking point in the effort to hold the euro together. Concerns about the country had taken a back seat. Now, they could once again hold the key to the euro's ultimate success. 

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