GREEK ECONOMIC CRISIS SPARKS RIOTS, SLIDE IN EURO

05.05.2010 [23:05]
Print
A⁺ A^-

Baku, May 5 (AZERTAC). The economic crisis in Greece has sparked riots that killed three people. Massive protests broke out against severe government spending cuts aimed at saving the country from economic collapse, according to VOA.

Tens of thousands of people marched through central Athens protesting government plans to impose new spending cuts to save the country from bankruptcy.

The protesters chanted in the streets as riot police with stun grenades and tear gas fought street battles with rock-throwing demonstrators, including a group trying to storm the parliament building.

Violence also broke out in the northern city of Salonika, where demonstrators smashed windows in the city`s center.

Prime Minister George Papandreou presented parliament an austerity bill with $40 billion in budgets cuts that include pension rollbacks, tax hikes and wage freezes.

Opponents argue the cuts will mostly affect the poor.

The Greek government agreed to the budget cuts in exchange for a $145 billion economic-rescue package from the European Union and the International Monetary Fund.

The crisis has prompted a loss of investor confidence in European economies, pushing the euro to its lowest level in 13 months.

EU Economic and Monetary Affairs Committee member Udo Bullmann says the panel hopes a solution can be found within the European Union.

GREEK ECONOMIC CRISIS SPARKS RIOTS, SLIDE IN EURO

FEEDBACK