Greece’s parliament has passed new austerity measures, including further cuts to Greek pensions and lower tax breaks. The package unlocks another Greek economy bailout necessary to repay the US$8.3 billion euros of debt that is due in July. However, the vote has been met with violent clashes on the streets of Athens.
19 May 2017
SPUTNIK — Greece is facing the sizable bill of US$8.3 billion (€7.5 billion) euros in a couple of months, and they’ve been caught short.
Like many times before, the Greek government has passed further swathe of austerity measures — deeply unpopular to much of the Greek electorate — in order to secure further financing from their creditors.
They are a combination of EU institutions and the International Monetary Fund (IMF), who’ve been propping up the Greek state since the Greek debt crisis first engulfed Greece in 2010.
As a condition of continuing the stream of cash in-flow, these international organizations, largely unaccountable to Greeks, have imposed continued austerity as a condition for their support. […]