(CNN)
Prime minister George Papandreou proposed new program that cuts public spending and collects taxes in order to fund and relieve the country’s debt. The goal is to reduce $20 billion worth of spending and raise an additional $20 billion through taxation. This will cause the loss of employment and create limitations on welfare.
Greece believes that if they do not balance the deficit, they will no longer meet the criteria to participate in the Eurozone.
Greece is currently receiving international aid in hopes of diminishing their debt. A bailout of $156 billion was granted to Greece last year and is still waiting to be claimed.
The civilians of Greece blame the set back on politicians and business men, saying that the common people are having to pay for their mistakes. These cuts and taxes were first proposed in 2010 which started the series of riots.
If Greece falls economically it will affect weak countries in the Eurozone and cause them to withdrawal from the union.
Tourist revenue generates a big part of Greece’s economy, but the political issues and current upheaves are making the country less desirable to visit which adds to the financial predicament.