Athens, Greece - Greek lawmakers are set to pass a bill Thursday to fast track austerity costs demanded by creditors, following two days of riots in Athens that left some 200 people injured and damaged 50 shops.
The Greece international creditors insisted Greece return for a package of austerity and Bill in return associated implementation to give more money in the country. On Wednesday, Parliament approved the package ($40 billion) billion euro28 of five-year spending cuts and tax increases, leaving the details of the cuts to be approved Thursday.
Once and if bill Thursday to implement austerity measures is deselected, the euro and the Monetary Fund International will be able to release the euro12 billion ($17 billion), which is due by year package last of the Greece rescue loans. Several of the measures described will be in kick almost immediately.
Without financial assistance, the Greece faced bankruptcy as early as mid-July. A Greek default on its debt could trigger a major banking crisis and potential trouble markets worldwide, similar to what happened when the Lehman Brothers investment house collapsed in 2008 at the United States.
Thus, in markets around the world breathed a sigh of relief after the Wednesday vote - then that municipal authorities in the Greek capital struggling with damage from the two days of violent demonstrations.
The next opus ready billion EU - IMF of euro12 will tide Greece until mid-September, according to the representatives of the Government, but it seems that in the years to come, it will need lots of money. Creditors are considering to give Greece a package of support then, cover the major upcoming funding gaps.
Billion ($159 billion) package the year last European was based on the Greece being able to tap investors bonds for cash next year, but with interest rates of the country to excessive levels, which seems very unlikely.
The austerity measures imposed in Greece in exchange for foreign assistance are met with resistance.
Wednesday, riots erupted for a second day before the Parliament in Athens, with the police in the face and firing tear gas at demonstrators after a failed attempt to blockade the building.
Trade associations, said about 50 shops were damaged, mostly coffee shops and restaurants fast food near Parliament, while tourists and other guests were evacuated to a hotel in central Athens.
Municipal crews worked all night to clear the streets of city center which had been strewn with broken paving stones, bottles of mineral water, burned garbage cans and broken glass.
Government officials said that they were not satisfied with the police in riots that lasted nearly 10 hours Wednesday, but the Thanassis police spokesman Kokkalakis said that they had managed to protect Parliament and prevent serious injuries and property damage.
Without major protests were planned Thursday and the power of the workers called a strike which caused rolling blackouts of business days. The ferry to the Greek islands services more ports of Athens were cancelled for a third day, however, because of the strike of the workers of a port.
Union officials said that it would be performing a central Athens Thursday gathering later.
Greek Hoteliers Association has launched an appeal in deference to the police, the demonstrators, warning of violence and unions could hit high season reservations.
"Once again, a public world television images (riots) witness that would discourage even the most determined potential to visit our country visitors" as association statement said.
But Andreas Andreadis, head of the Association of Greek tourist enterprises, told Associated Press that he did not believe that the riots would have a lasting effect on a generally good year for Greek holiday industry.
"There was a small hollow in reservations, mainly in Athens, for the last days of four or five, but it is likely to return to normal," said. "We remain on course for an increase of 10 percent of travel bookings this year than in 2010".
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