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Turn your house into a billboard 12 Feb 2012 Adele triumphs at Grammys with six wins | 2:12am EST Discussed 503 FBI warns of threat from anti-government extremists 215 It’s bailout or chaos, PM Papademos tells Greece 171 House Speaker Boehner vows to stop Obama contraceptive rule Watched Whitney Houston's body leaves hotel Sat, Feb 11 2012 Humanoid robot makes storefront debut in Valentine's experiment Fri, Feb 10 2012 Huge baby shocks parents Tue, Feb 7 2012 Greek lawmakers pass austerity bill as Athens burns Tweet Share this Email Print Related News Greek police fire teargas at protesters in Athens Sun, Feb 12 2012 Greek PM says violence will not be tolerated Sun, Feb 12 2012 Greek parties expel rebel deputies after austerity vote Sun, Feb 12 2012 Hungary faces EU deadline to change laws, unlock aid talks Sun, Feb 12 2012 Analysis & Opinion Rubber ducks explain the Greek negotiations Greece’s interest burden, post-PSI, will remain huge Related Topics World » Greece » IMF » 1 of 23. A protester hurls rocks at police during a violent anti-austerity demonstration in central Athens February 12, 2012. Credit: Reuters/Yannis Behrakis By Harry Papachristou and Yannis Behrakis ATHENS | Sun Feb 12, 2012 10:33pm EST ATHENS (Reuters) - Greece's parliament approved a deeply unpopular austerity bill Monday to secure a second EU/IMF bailout and avoid national bankruptcy, as buildings burned across central Athens and violence spread around the country. Cinemas, cafes, shops and banks were set ablaze in central Athens and black-masked protesters fought riot police outside parliament before lawmakers voted on the package that demands deep pay, pension and job cuts -- the price of a 130 billion euro ($172 billion) bailout needed to keep the country afloat. State television reported the violence spread to the tourist islands of Corfu and Crete, the northern city of Thessaloniki and towns in central Greece. Police said 150 shops were looted in the capital and 34 buildings set ablaze. Altogether 199 of the 300 lawmakers backed the bill, but 43 deputies from the two parties in the government of Prime Minister Lucas Papademos, the socialists and conservatives, rebelled by voting against It. They were immediately expelled by their parties. Asian shares and the euro gained modestly Monday, relieved by the Greek parliament's passage of austerity measures that put the country a step closer to securing a much-needed bailout fund and avoiding a messy default. MSCI's broadest index of Asia Pacific shares outside Japan edged up as much as 0.3 percent on the news. The rebellion and street violence foreshadowed the problems the Greek government faces in implementing the cuts, which include a 22 percent reduction in the minimum wage -- a package critics say condemns the economy to an ever-deeper downward spiral. Papademos, a technocrat brought in to get a grip on the crisis, denounced the worst breakdown of order since 2008, when violence gripped Greece for weeks after police shot a 15-year-old schoolboy. "Vandalism, violence and destruction have no place in a democratic country and won't be tolerated," he told parliament as it prepared to vote. "SHORT-TERM SACRIFICES" But he admitted that imposing the austerity on a nation that has already endured several years of cuts would be tough. "The full, timely and effective implementation of the program won't be easy. We are fully aware that the economic program means short-term sacrifices for the Greek people," Papademos said. Greece needs the international funds before March 20 to meet debt repayments of 14.5 billion euros, or suffer a chaotic default which could shake the entire euro zone. Outside parliament chaos reigned. A Reuters photographer saw buildings in Athens engulfed in flames and huge plumes of smoke rose in the night sky. "We are facing destruction. Our country, our home, has become ripe for burning, the center of Athens is in flames. We cannot allow populism to burn our country down," conservative lawmaker Costis Hatzidakis told parliament. The air in Syntagma Square outside parliament was thick with teargas as riot police fought running battles with youths who smashed marble balustrades and hurled stones and petrol bombs. Terrified Greeks and tourists fled the rock-strewn streets and the clouds of stinging gas, cramming into hotel lobbies for shelter as lines of riot police struggled to contain the mayhem. State NET television reported that trouble had also broken out in Heraklion, capital of Crete, as well as the towns of Volos and Agrinio in central Greece. On the streets of Athens many businesses were ablaze, including the neo-classical home to the Attikon cinema dating from 1870 and a building housing the Asty, an underground cinema used by the Gestapo as a torture chamber during World War Two. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Interactive timeline link.reuters.com/muq56s Euro zone crisis in graphics r.reuters.com/hyb65p ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ NO GOOD CHOICES The EU and IMF say they have had enough of broken promises and that the funds will be released only with the clear commitment of Greek political leaders that they will implement the reforms whoever wins an election potentially in April. Euro zone paymaster Germany ratcheted up the pressure on Sunday. "The promises from Greece aren't enough for us any more," German Finance Minister Wolfgang Schaeuble said in an interview published in Welt am Sonntag newspaper. "Greece needs to do its own homework to become competitive, whether that happens in conjunction with a new rescue program or by another route that we actually don't want to take." When asked if that other route meant Greece quitting the euro zone, Schaeuble said: "That is all in the hands of the Greeks themselves. But even in the event (Greece leaves the euro zone), which almost no one assumes will happen, they will still remain part of Europe." The bill sets out 3.3 billion euros ($4.35 billion) of extra budget cuts for this year alone. It also provides for a bond swap to ease Greece's debt burden by cutting the real value of private-sector investors' bond holdings by some 70 percent. Greece would have missed a February 17 deadline to offer a debt "haircut" to private bondholders if the vote had not been passed. Many Greeks believe their living standards are collapsing already and the new measures will deepen their misery. "Enough is enough!" said 89-year-old Manolis Glezos, one of Greece's most famous leftists and a national hero. "They have no idea what an uprising by the Greek people means. And the Greek people, regardless of ideology, have risen." Glezos is a national hero for sneaking up the Acropolis at night in 1941 and tearing down a Nazi flag from under the noses of the German occupiers, raising the morale of Athens residents. World Greece IMF Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (52) Ioldman wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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