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Greece: Austerity and Unrest

Supporters from the Independent Greeks party hold Greek flags as Presidential guards performs the changing of the guards ceremony outside the Greek parliament during an anti- austerity rally in central Athens.

Greece: Austerity and Unrest

November 27, 2012

Greece's economy has shrunk by 20 percent since its crisis began in 2009 and unemployment has risen to a record 25 percent. The country is expected to enter a sixth year of recession as investors pull money out of the country and the government keeps cutting spending and raising taxes to comply with the demands of its international bailout.

It has avoided imminent bankruptcy after its international creditors finally agreed to give it the money it urgently needs, but the cash-strapped country's economic distress is likely to drag on for years to come.