Latest

Video: Thousands Protest In Athens Amid Fears Of More Austerity

Fears of further increases in austerity measures has brought out thousands of demonstrators onto the streets of Athens on Tuesday.

Greece

The Greek government has made some concessions in a new proposal to its creditors to stave off financial collapse.

The residents of Athens have had enough of concessions and austerity and are asking for a debt jubilee or a hair cut. The European Finance ministers are not prepared to make debt write-off concessions yet. They want to see a new agreement with concessions from the Greek government first before talking about haircuts. It will be a tough sell for the left-wing Greek government to their constituents who elected them to stand up to the money lenders.

The Guardian reports:

Thousands demonstrate in Athens on Tuesday, amid fears the government will increase austerity measures after submitting a new proposal to the country’s creditors in an effort to secure a deal and avoid defaulting.

Talks between Greece and its lenders are continuing ahead of Wednesday night’s ministerial gathering in Brussels, with Athens needing an agreement to make a €1.6bn (£1.1bn) payment to the International Monetary Fund due next Tuesday.

Edmondo Burr

BA Economics/Statistics
CEO
Assistant Editor
About Edmondo Burr (2831 Articles)
BA Economics/Statistics CEO Assistant Editor