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4 May, 2010 05:44

Greeks protest against new economic measures

Demonstrations are sweeping across Greece as tougher economic measures are introduced by the government.

With more protests to come this week, the agitation may completely shut down the country's airport, ferry and train services.

On Sunday, Greece announced more austerity measures, including public service and pension pay cuts, and higher taxes.

The measures have been imposed by the European Union and the International Monetary Fund as part of the country's bailout plan.

Civil servants have called a 48-hour walkout beginning on Tuesday.

That means state schools, hospitals and tax offices will be closed or working with only emergency staff.

Economist William Engdahl believes the bail-out plan is the only feasible solution for Greece at the moment “so long as it is agreed within the Euro territories that the euro will stay a viable reserve currency.”

Engdahl also alleges that the Greek crisis has been exaggerated by the media and the rating agencies who have played a “nefarious role” by unjustifiably downgrading Greece to a level “below investment grade.”