Market Features

Buildings Set Ablaze In Greece Before Debt Vote

 

ATHENS, Greece (AP) — Greece's parliament has approved an austerity and debt-relief bill, crucial for the country to avoid bankruptcy and remain in the eurozone.

Lawmakers voted early Monday in favor of the bill that imposes harsh new austerity measures in return for a euro130 billion ($171 billion) new bailout agreement and related deal with private creditors to shave euro100 billion ($132 billion) off the country's national debt.

The vote occurred after extensive rioting and looting swept through the Greek capital.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

ATHENS, Greece (AP) — Demonstrators set buildings ablaze and fireballs lit up the night sky in Greece's capital on Sunday amid widespread rioting before a historic parliamentary vote on harsh austerity measures designed to prevent the country from going bankrupt.

The clashes erupted after more than 100,000 protesters marched to the parliament to rally against the drastic cuts, which will ax one in five civil service jobs and slash the minimum wage by more than a fifth.

At least 10 buildings were on fire, including a movie theater, bank and cafeteria, and looters smashed dozens of shops in the worst riot damage in years. Dozens of police officers and at least 37 protesters were injured, and more than 20 suspected rioters were detained.

As the vote got under way early Monday, Prime Minister Lucas Papademos urged calm, pointing to the country's dire financial straits.

"Vandalism and destruction have no place in a democracy and will not be tolerated," Papademos told Parliament. "I call on the public to show calm. At these crucial times, we do not have the luxury of this type of protest. I think everyone is aware of how serious the situation is."

Since May 2010, Greece has survived on a $145 billion (euro110 billion) bailout from its European partners and the International Monetary Fund. When that proved insufficient, a new rescue package worth a further $171 billion (euro130 billion) was approved — combined with a massive bond swap deal that will write off half the country's privately held debt.

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