13/02/2012 - Riots As Greece Passes Spending Cuts
Riots As Greece Passes Spending Cuts.
Greek MPs have approved a new austerity package, that partly clears the way for Greece to receive a second bail-out package.
The new measures will see £252m in pension cuts and a 22% reduction in the minimum wage to €560 a month. Thousands of public sector jobs are expected to be cut in the next 3 years.
The measures were passed as thousands of people protested in Athens. Buildings were set on fire, with violent protests also being reported in other cities across the country.
Opponents to the new package argued the austerity measures are stifling the economy and leading to soaring unemployment. Greece is currently in its fifth year of recession.
According to Greece’s caretaker prime minister Lucas Papademos, the social cost of this package is limited in comparison with the social and economic disaster that would follow if it is not adopted.
Financial Advice Links: Home ¦ Financial Advice ¦ Pensions ¦ Tax ¦ Insure Invest ¦ Shop ¦ International ¦ Contact us ¦ Telephone ¦ Book Callback ¦ Free Consultation ¦ Money MOT ¦ Discounts ¦ 30+ Awards
