Greece Faces 'Hellish Week' as Debt Crisis Tests Nation

[Javaman]

http://www.cnbc.com/id/44931473

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The national newspapers proclaim in large 40-point type “Hellish Week,” or more sarcastically “It Begins — the Week of Thrills.” Both are a reference to a massive 48-hour strike, beginning Wednesday, that may bring out as many as 50,000 to 60,000 protestors.

The protest is timed for a controversial vote in parliament, scheduled for Thursday, that would effectively eliminate the minimum wage for millions of workers.

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International banks have already agreed to a reduction of 21 percent. But participants in the discussions say there will be a greater “haircut” on the debt — somewhere between 30 percent and 50 percent, although the banking industry is fighting it tooth and nail.

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Greece now owes more than 360 billion euros, or half a trillion U.S. dollars. They are unable to borrow on the international markets, and are at the mercy of the European Union and the International Monetary Fund for quarterly cash injections so that, at a minimum, the government can keep meeting payroll..

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