Labor's Pains

Sunday, February 12, 2012

Greek Protests Continue As Lawmakers Pass Severe Austerity Measures

Greek Protests Continue As Lawmakers Pass Severe Austerity Measures

ATHENS, Greece -- Greek lawmakers on Monday approved harsh new austerity measures demanded by bailout creditors to save the debt-crippled nation from bankruptcy, after rioters in central Athens torched buildings, looted shops and clashed with riot police.

The historic vote paves the way for Greece's European partners and the International Monetary Fund to release $170 billion (euro130 billion) in new rescue loans, without which Greece would default on its mountain of debt next month and likely leave the eurozone – a scenario that would further roil global markets.

Lawmakers voted 199-74 in favor of the cutbacks, despite strong dissent among the two main coalition members. A total 37 lawmakers from the majority Socialists and conservative New Democracy party either voted against the party line, abstained or voted present.

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