February 10, 2012- On Friday, Greek workers took to the streets again to protest the latest austerity measures being called for by members of the euro zone. Striking workers stopped ships from docking and halted public transportation just hours after finance ministers from the euro zone told the Greek government that additional austerity measures were needed for Greece to receive their latest bailout package.
Concern over the Greek situation was reflected in European markets as they were down along with the value of the euro. There is great concern throughout the region of the possibility the debt restructuring will not take place. Both the International Monetary Fund and the European Union said that the wage cuts and spending cuts in the Greek deal were not enough.
The IMF and EU are tired from the broken promises of the government of Greece and the weeks of negotiations over the $172 billion bailout terms. If not put in place in the next few days, a default is highly possible.
The finance ministers from the euro zone have said before any more aid is released; ratification by the parliament of a new austerity package needs to take place this week. That package includes the need for over $425 million in additional spending cuts to be found before next Wednesday and a commitment from the government to implement all the reforms.