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Edition: U.S. Article Comments (4) Slideshow Video Full Focus Photos of the week Our top photos from the past week. Full Article Follow Reuters Facebook Twitter RSS YouTube Read Springsteen saxophonist Clarence Clemons dies 18 Jun 2011 Obama impersonator cut off at Republican conference 18 Jun 2011 Greeks protest, almost half oppose austerity | 12:49am EDT Missouri River releases step up ahead of rains 18 Jun 2011 Sega attacked, hacker group offers to take revenge 18 Jun 2011 Discussed 72 Republicans to debate, with Romney the frontrunner 47 Weiner tells friends he will resign: NY Times 43 IMF cuts U.S. growth forecast, warns of crisis Watched Airbus' view of flying in the future Mon, Jun 13 2011 Hefner, fiancee split; Schwarzenegger mistress talks Wed, Jun 15 2011 Greeks protest austerity measures Sat, Jun 18 2011 Greeks protest, almost half oppose austerity Tweet Share this Email Print Related News Quick Guide to the Greek crisis Sat, Jun 18 2011 Pension funds, banks face risk in new Greek rescue: Wellink 12:49am EDT Analysis & Opinion Parsing banks’ exposure to Greece Key transatlantic contagion channel still open Related Topics World » Related Video Greeks protest austerity measures Sat, Jun 18 2011 1 / 10 Protesters shout slogans in front of parliament during a rally against austerity economic measures and corruption in Athens' Syntagma (Constitution) square June 17, 2011. Credit: Reuters/John Kolesidis By Michael Winfrey and Renee Maltezou ATHENS | Sun Jun 19, 2011 12:49am EDT ATHENS (Reuters) - Thousands of Greeks marched on parliament on Saturday in a show of unabated public anger after Prime Minister George Papandreou vowed to push on with an austerity campaign that a poll showed half the country opposed. In a move meant to stifle dissent in his Socialist Party, Papandreou on Friday dismissed Finance Minister George Papaconstantinou, architect of a new five-year austerity program that has sparked weeks of protests. The reshuffle coincided with a pledge by France and Germany to continue funding Athens, a move that may have bought Greece and its fellow euro zone members time to prevent a messy default, even if doubts over its longer-term solvency persist. The European Union and International Monetary Fund have made the reforms a condition for a new bailout package worth an estimated 120 billion euros ($170 billion) that Greece, shut out of markets, will need to fund itself through 2014. Around 5,000 protesters from the Communist group PAME marched into Athens' central Syntagma square -- where demonstrations turned violent earlier this week -- chanting "the measures are killing us!" French activists also performed with a three-meter puppet depicting a bloodied figure of Lady Justice to rhythmic drumming, in a gesture of solidarity with Greek protesters who have camped in the square for three weeks. "What has changed with the reshuffle? Nothing," said Costas, a 22-year-old student who has been camping on the square since the beginning of the month. "We are not planning to leave unless they take back the measures." An opinion poll taken before the reshuffle showed 47.5 percent of respondents wanted parliament to reject the reform package and for Greece to hold early elections. Just over a third -- 34.8 percent -- wanted it to be approved so Athens could secure the second bailout. Constantinos Routzounis, head of pollsters Kapa Research, said Greeks were not against austerity in itself but thought the reforms were unfairly aimed at the poor while wealthy tax evaders and corrupt politicians got off lightly. "People don't want Greece to exit the euro zone. They do want fiscal consolidation measures -- but more just ones," he told Reuters. Greece's biggest union GSEE, representing around 2 million workers in the private sector, called for a 48-hour strike when parliament votes on what has been dubbed the mid-term plan. The government hopes that will happen by end-June. RESHUFFLE MIGHT WEAKEN REFORMS Papandreou appeared to curb a revolt in his party by including some of the austerity package's harshest critics in the new administration, but that might also lead to a weakening of the reforms. He named political heavyweight Evangelos Venizelos, his biggest party rival, as finance minister. Shortly after his nomination, Venizelos said he would travel to Luxembourg on Sunday to meet euro zone finance ministers and ask them to allow some "improvements ... for social justice" in the reforms, fuelling concerns that the new government has less resolve to hammer through the austerity program. The finance ministers are expected to agree to release a 12 billion euro tranche of an existing year-old bailout that Greece needs to pay back debt maturing in July and August and avoid default. "They've bought themselves time until September," said Howard Wheeldon, strategist at BCG Capital Partners in London. "Germany and France are the main countries involved here, and neither of them are going to let the euro fail, and they're not going to let Greece fail." Luxembourg's Jean-Claude Juncker, chairman of the euro zone finance ministers' Eurogroup, criticized German pressure to involve bondholders, telling a German newspaper this has pushed up the cost of the bailout. "We are playing with fire," he said, adding that in the worst case, ratings agencies could declare a default leading to dire consequences for the currency union. Papandreou's new cabinet is expected to survive a parliamentary confidence vote on Tuesday night, and then approve a package which envisages 28 billion euros in tax hikes and spending cuts by 2015. But Greek media were less certain about implementation, an issue that dogged Venizelos's predecessor when he struggled to meet deficit targets agreed with Greece's bailout lenders. "Greece needs a strong government. But does it need a strong government to finally implement what has been agreed with the EU or to break these deals?," columnist Yiorgos Karipidis wrote in main Greek financial daily Imerisia. FEARS OF DEFAULT On Saturday, German Finance Minister Wolfgang Schaeuble said all parties negotiating a new bailout had agreed that private creditors should be involved on a voluntary basis but details on how to do this still needed to be worked out. A day earlier, German Chancellor Angela Merkel backed away from a demand that private bond holders swap their holdings for new Greek debt with maturities of seven years. She said she now believed that an option based on investors voluntarily maintaining their exposure was a "good foundation" for a deal. In St. Petersburg, Spanish Prime Minister Jose Luis Rodriguez Zapatero also said the private sector would voluntarily take part. "Greece will be able to come out of it with the help of the IMF and Europe," he said. "That will certainly cost money, efforts will have to be applied, but simply because we are going to do it the private sector will voluntarily participate in this process. Therefore there are no other alternatives." On Friday Merkel also brushed aside reports that Germany had been pushing to delay agreement on a new bailout until September, instead calling for the quickest possible solution. Olli Rehn, the European Commission's top economic official, said he was confident the next tranche of EU/IMF aid would be released next month and expected euro zone finance ministers to take decisions on a successor program for Greece on July 11. The Franco-German agreement on Friday reduced market risk premiums on Greek debt after a week-long financial retreat. However, most economists are overwhelmingly skeptical that Greece can ever repay a debt pile that economists expect to rise to 170 percent of the country's annual economic output by 2013. (Additional reporting by Barry Moody, Hugh Lawson in Athens, Brian Rohan in Berlin, and Tim Heritage in St. Petersburg; writing by Michael Winfrey; editing by Barry Moody and Ruth Pitchford.) World 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 (4) txgadfly wrote: Here in the US, over 3/4 of the people have opposed our middle eastern wars for over 5 years, yet the Government refuses to even discuss ending them. One excuse after another. And we call ourselves a “democracy”, a bastion of “freedom”. Yet a mere half of Greece has the government trembling. Jun 18, 2011 10:50pm EDT -- Report as abuse 1progressive wrote: “Austerity” is another word for “making the working class pay for all the money that the bankers took out of the economy during the fiscally irresponsible Conservative administration that racked up all this debt.” The people of Greece are right to be angry, they should be angry. Taking from the poor to give to the rich is unfair, unjust, and distinctly not very Socialist. The one and only appropriate path for Greece to improve its financial situation is to make its tax laws more fair; and somehow that solution does not get much traction with the IMF, with its apparent fixation on dramatic social engineering programs that would cause the working classes to starve. America, take note. The Republican Congress wants America to look like Greece. They are steering us in this direction. If we let them, it will not be pretty. Jun 18, 2011 11:49pm EDT -- Report as abuse iq160 wrote: The Republican Congress wants to PREVENT America from looking like Greece. Greeks have lived far beyond their means for many many years, and most people don’t even pay taxes to support the largess. Tax cheating is a national pass-time every bit as much in the poorer sections of society as the richer parts. Austerity comes about because the society has overspent itself. Anyone with any integrity can see that’s been going on in the US for decades by BOTH parties. The latest round by the Demoncrats makes the Republicans’ overspending look like child’s play though. One can always tell when the Socialists and Marxists have arrived as they substitute “Social Justice” in place of “Justice”. Justice is doing the right thing because it’s right. “Social Justice” is doing the wrong thing because it is expedient. Greeks don’t earn their living so in order to cheat economics a little longer, the Marxists roll out the absurdly named “Social Justice” which is really mob-rule. Placate the Gimme-groups so they don’t riot. It’s actually extortion. Unless we get control of the spending here (toss out ANYONE that advocates deficit spending) the biggest difference between the US and Greece will that there won’t be anybody to bail us out. Jun 19, 2011 1:18am EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook 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. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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