Greece set for anti-austerity general strike

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2. Greek, Spanish riots shatter European market calm

http://www.sfgate.com/business/article/Greeks-on-strike-as-politicians-agree-further-cuts-3894362.php

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Greece, meanwhile, has been dependent since May 2010 on billions of euros in two rescue loan packages from other eurozone countries and the International Monetary Fund. In return, it slashed salaries and pensions and hiked taxes in an effort to reform an economy derailed by decades of overspending and corruption.

Although Greece accounts for only about 2 percent of the eurozone's total economy, its crisis has shaken the euro and led to concern it could destabilize other, much larger economies in the 17-nation bloc. Greece is in its fifth year of recession, with unemployment above 24 percent.

Shortly before Greece's strike got under way, Prime Minister Antonis Samaras and Finance Minister Yannis Stournaras hammered out a €11.5 billion ($14.87 billion) package of spending cuts for 2013-14 demanded by the country's international lenders, along with another €2 billion in improved tax collection.

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Wednesday's strike shut down Greece's famed Acropolis and halted flights for hours. Ferry services were suspended, schools, shops and gas stations were closed and hospitals functioned on emergency staff.

Protesters of the Greek Communist party affiliated unions march in front of the Greek Parliament in Athens Wednesday Sept. 26, 2012. Greek workers walked off the job Wednesday for the first general strike since the country's coalition government was formed in June, as the prime minister and finance minister hammered out a package of euros 11.5 billion ($14.87 billion) in spending cuts. Photo: Dimitri Messinis / AP