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May 3, 2010

EU and IMF Agree to $146 Billion Bailout of Greece
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The European Union and International Monetary Fund have agreed to a $146
billion bailout for Greece after Athens committed itself to years of
austerity measures.

Greek Finance Minister George Papaconstantinou: “It is an important day
today. It is not an easy day but it is a day in which we have the
commitment of the Greek government to do what ever it takes to bring the
economy back on a sustainable path.”

Greece is expected to soon unveil a series of spending cuts, consumer
tax hikes and the docking of pensions. On May Day, Greece’s two main
labor unions organized large rallies to oppose the cuts. 
In Athens youth protesters battled with police just outside the Athens
Polytechnic University. Video shows the youth throwing rocks and other
projectiles including firing fireworks and flare guns. Barricades were
set up in the streets. Police responded by charging at the protesters
and firing tear gas shells.



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