Greek Parliament begins 10-hour debate on austerity

BULLETIN: More than 100,000 persons set fire to numerous buildings as the Greek parliament passed an austerity measure that will plunge most of the nation's 48 percent unemployed into abject poverty in order to save the economy by securing a bail-out loan package of nearly 200,000 billion euros from EU member national banks and the IMF. Dozens of police and hundreds of protesters were injured by rocks, tear gas canisters and fire as molotov cocktails rained down on authorities attempting to guard properties in central Athens during the day-long riots.

Athens - MP's began a grueling day of debate about 3:30 p.m. local time in an effort to pass sweeping austerity measures that will secure a 130 billion euro bail-out through the European Union and the IMF. The measure would shave off 100 billion euros in interest payments if it passes, staving off an economic bankruptcy of the government that could likely cascade throughout the southern tier of the EU, causing massive bank failures worldwide.

Pro-Communist labor unions and socialist sympathizers took to the barricades immediately in violent protest under clear skies that promise big turnout during this day of economic unrest.

Passage of the proposed austerity measures will likely cut deeply into social welfare benefits and eliminate huge percentages of the Greek government-guaranteed pension funds the majority of people have planned on relying upon in their senior years.

(click the paragraph above to see a wrap-up on similar American laws that could come into play if the U.S. Treasury is faced with a similar situation.)

An estimated 48 percent of youthful members of the labor force 18 to 24 years of age is unemployed.