A day after riots broke out in the streets of Greece, their parliament passed the heavily criticized, but often touted essential austerity bill. Now approved, the nation’s taxes will go up to accompany the severe spending decreases. It also allows for bailout money to keep coming in from other nations, and for $17 million in loans to fund the nation through September.
As global investors celebrated the decision, many in the nation continued their protests, forcing riot police to position themselves around the country. Many citizens felt that the measures were too strict and would further burden the public. Unemployment is already at high levels, above 16%, and pensions and salary of public employees have been cut. The tax increases and sales of public services is expected to raise $71 billion through 2015.
This and the already $157 billion dollars in bail out money from other nations shows the high concern Europe and its allies have for Greek defaulting, believing it could undermine the Euro and lead to similar situations in their home nations.