The riots in Greece took a deadly turn Wednesday violent protesters torch a bank in Athens killing three people. From Wall Street Journal:
U.S. Treasury officials have been quietly urging their European and International Monetary Fund counterparts to put together a Greek rescue plan more quickly to contain the damage, it emerged Wednesday, as U.S. policy makers worry the continent’s problems could undermine a U.S. recovery much as U.S. housing woes hammered Europe in 2008.
In Spain, rival political leaders came together Wednesday with an agreement that aims to shore up shaky savings banks by the end of next month. Banks in France and Germany, which are among Greece’s top creditors, pledged to support a Greek bailout by continuing to lend to the country. Investors, meanwhile, are pouring money into bonds of countries.
Financial Markets continued be hammered:
Anxiety over the euro-zone economies sent the euro down to about 1.29 to the dollar, its lowest level in more than a year. The Dow Jones Industrial Average fell for the second straight day, losing 58.65 points, or 0.54%, to close at 10868.12.
The nationwide strike has paralyzed the European nation:
Greece’s 24-hour nationwide general strike brought much of the country to a standstill, closing government offices and halting flights, trains and ferries.
At the same time, tens of thousands of protesters marched through Athens in the largest and most violent protests since the country’s budget crisis began last fall. Angry youths rampaged through the center of Athens, torching several businesses and vehicles and smashing shop windows. Protesters and police clashed in front of parliament and fought running street battles around the city.
Witnesses said hooded protesters smashed the front window of Marfin Bank in central Athens and hurled a Molotov cocktail inside. The three victims died from asphyxiation from smoke inhalation, the Athens coroner’s office said. Four others were seriously injured there, fire department officials said.
A police spokesman said eight fires in Athens office buildings and bank buildings had been brought under control.
Later Wednesday, black smoke billowed from fires on one of Athens’s main shopping streets. Glass shards and smoldering garbage littered the sidewalks.
Greek Prime Minister George Papandreou condemned the violence. “Everyone has the right to protest,” he said in a statement to parliament. “But no one has the right to violence and especially violence that leads to the death of our compatriots.
This come on the heels of a vote by the Greek Parliament on a financial recovery programs:
Wednesday’s protests were sparked by Greece’s weekend agreement to adopt austerity measures in exchange for a €110 billion ($143 billion) bailout loan from the European Union and the IMF. Unions challenged Greece’s parliament, which could consider the measures as soon as Thursday, to vote them down.
Wall Street Journal Has more.