June 15, 2011
Once again, Greeks are protesting new austerity measures being forced upon them by their European neighbors in exchange for relief from a debt crisis. The streets of Athens are rife with rioters throwing fire bombs and clashing with armored police.
These scenes of violent turmoil beg the question: Just why are they rioting, anyway?
Last year, when protesters firebombed a bank in Athens and killed three workers, the chief source of their rage was the austerity provisions imposed for the debt crisis bailout.
Those provisions, according to Standard & Poor's analyst Marko Mrsnik, led to Greece's economic malaise: an ongoing recession and rising unemployment. Mrsnik said the Greek unemployment rate is currently at 16.2%, significantly above its March 2010 rate of 11.6%.
Austerity measures implemented to combat the debt crisis last year included pension cuts; a sales tax boost; excise taxes on fuel, cigarettes, alcohol and luxury goods; tougher eligibility for disability benefits; and a hike in the retirement age to 65 from as low as 61.
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