Foreign Affairs

Greece enters second week of protests over austerity measures.

by L.A Times:

Waving red flags and toting colorful placards, thousands of workers walked off the job Wednesday, pouring onto the streets of Athens and other Greek cities to challenge a new rash of proposed reforms and cost-cutting measures designed to save the cash-strapped country $33 billion through 2015.

In Athens, about 30,000 protesters marched outside the nation’s parliament building, jeering lawmakers and calling them “thieves” and “robbers.” Some youths clashed with riot police, pelting them with stones, water bottles and oranges.

Police responded by firing several rounds of tear gas and pepper spray. At least a dozen demonstrators injured during about 15 minutes of mayhem were rushed to hospitals, as tourists and bystanders scattered in panic. The acrid smell of the tear gas lingered over the capital for hours after what authorities called a “timid” demonstration overall.

The 24-hour general strike, the country’s second this year, was organized by Greece’s two biggest labor unions as senior experts from the European Union and the International Monetary Fund began assessing a new austerity package, including a third wave of tax increases and a sweeping sell-off of state assets.

A year after clinching a $146-billion bailout from the EU and the IMF, Greece has slipped far behind slated fiscal targets, fanning market speculation that the debt-racked country will default, or require some sort of debt restructuring or even a new deal with its international creditors.

by L.A Times

Greece’s debt woes have begun to take it’s toll on global markets and continued protests seem to hamper the IMF’s road to recovery. Nonetheless, the people of Greece should not have to pay for Goldman Sachs financial errors and their continued protests shows that aren’t going to stand for it either.