Most European countries (except Norway) lack energy resources like oil and gas and therefore depend on imported fossil fuels from international producers to boost their economies.

 

March 05, 2010 (Hamsayeh.Net) - Street battles broke out between protestors and security personnel in Athens following massive demonstrations against government austerity plans.

 

Greece now effectively on the verge of bankruptcy has called for financial assistance from the European Union. About 12,000 demonstrators poured in the streets of Athens from this morning calling for an end  to government's mismanagement of the country’s economy. Greece was one of the first European countries that adopted American style neoliberal free market economic system from the 90’s until it was hit by the 2008 recession.

 

During all those years the country like many others in the US camp accumulated massive amounts of debt as its was directed by neoliberal gurus and proponents of casino capitalism. US's global war on terrorism has also dealt a major blow to Greece's tourism industry in recent years.

 

In today’s demonstrations unknown assailants injured several high-ranking critics of the government. Angry demonstrators then battled with anti-riot police for about an hour in the city centre.

 

Prime Minister George Papandreou is meeting German Chancellor Angela Merkel today. But Berlin has already announced it has no intention of providing a bailout. Germany’s economy minister Rainer Bruederle said his country has no intention of offering Greece a single cent in aid as it attempts to tackle its huge financial crisis.

 

Many analysts see Greece’s woes as the start of a giant chain reaction,  soon to hit other countries in Europe, including Portugal, Spain, Italy, Lithuania, Latvia, Moldova, UK, France and even Germany itself. Most European countries (except Norway) lack energy resources like oil and gas and therefore depend on imported fossil fuels from international producers to boost their economies. Moreover, Europe faces intense competitions from prolific Asian manufacturers, supplying international markets with high quality yet affordable consumer products. 

 

Last week some German officials said Greece must start selling some of its islands, companies or even historic heritage sites such as the Acropolis in Athens. But this offer made many Greeks angry and in return some Greek politicians demanded war reparations for atrocities committed by Germany during the Second World War.