October 20, 2011
Greece’s parliament passed tough new austerity measures Thursday amid violent protests and major strikes in Athens.
At the same time, top German officials cautioned that major steps to secure the future of the euro would not make a promised weekend deadline because of a deadlock on how to proceed.
The new measures in Greece, which would cut 30,000 civil servants from government payrolls, raise taxes and whittle collective bargaining rights, were approved by a narrow majority as a last-chance bid to convince the nation’s creditors and Europe that it is serious about getting on a better economic track. But analysts said that the policies could actually hurt Greece’s economy as much as help it, and massive protests in Athens in recent days suggest that ordinary Greeks agree.
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