Greek anti-austerity protests escalate

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Posted By Manju Shukla
Date  21 Feb 2012

Sentiment has been much better in financial markets as fears recede that Greece will default, but in Athens, a much different picture. The focus there is on the painful austerity meaures imposed upon citizens to avoid that messy default.

Police confronted protesters on the streets of the Greek capital on Saturday after an anti-austerity protest ended in rioting outside parliament. About 60 people were detained by the police

Greece is, of course, straining to secure rescue loans and debt relief to avoid defaulting on a 14 and a half billion euro bond redemption on the 20th of March.

The ongoing protests are directed against austerity measures for securing bailout loans from the European Union and the International Monetary Fund. The measures are a mix of wage and pension cuts and health sector reforms as a necessary condition the second bailout.

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