Complete Article Here: http://www.bloomberg.com/apps/news?pid=20601087&sid=aSDLV4EUnj8kMarch 5 (Bloomberg) -- Striking Greek workers shut down transport and tried to storm parliament as lawmakers passed 4.8 billion euros ($6.5 billion) in budget cuts, including wage reductions, needed to trim the region’s biggest budget deficit.
Police with riot shields fired tear gas as demonstrators wearing biker helmets and gas masks pelted them with stones outside parliament in Athens where lawmakers approved the measures. Finance Minister George Papaconstantinou told parliament the cuts will show European Union allies and investors that Greece is making good on its deficit pledges.
“We didn’t create this crisis but now we have to pay for it,” said Manthos Adamakis, who was protesting with other catering workers outside the five-star Grande Bretagne Hotel on Syntagma Square in downtown Athens.
Tram, rail, subway and bus services shut in Athens and other cities as employees rallied against cuts to bonuses and holiday payments. A walk out by air-traffic controllers forced the cancellation of all 58 flights to and from Athens International Airport between midday and 4 p.m. and the rescheduling of another 135, according to a spokeswoman.
Watch how this situation plays out in Greece. UK, Spain, Portugal next to topple? The situation in Greece could easily spread to the rest of Europe. Remember, thanks to the AIG bailout, the U.S. Taxpayers might be on the hook for this Greek debt; possibly other countries as well...