Sunday, February 12, 2012

Update: Greek Parliament Approves Tough Bailout to Avoid Default

Late today (February 12), the Greek Parliament in Athens approved a deeply unpopular austerity bill to secure a second EU/IMF bailout and avoid national bankruptcy, as buildings burned across central Athens and violence spread around the country.

Sadly, cinemas, cafes, shops and banks were set ablaze in central Athens as black-masked protesters used violence to counter riot police. It is estimated that some 34 buildings in Athens were set ablaze during the chaos.

COMMENT: Before the vote, Finance Minister Evangelos Venizelos told lawmakers that the alternative to the bailout--bankruptcy and a departure from the euro-zone--would be far worse for Greeks.

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