In the News (from Bloomberg): “Rioters set fire to as many as 45 buildings during violent street protests against government austerity measures in central Athens late yesterday and overnight, Greek police said.
“Prime Minister Lucas Papademos won parliamentary approval early today for the spending cuts needed to secure an international bailout of 130 billion euros ($172 billion). The measures equal about 7 percent of gross domestic product over three years and include a debt swap that would shave 100 billion euros off more than 200 billion euros of privately held debt. Greece was granted its first aid package of 110 billion euros in May 2010.
“A total of 170 businesses in Athens suffered attacks during the protests, the Athens Chamber of Commerce and Industry said today in a statement on its website. Initial estimates put the cost of damage to buildings and equipment as well as from theft at tens of millions of euros, the chamber said.
“Seventeen banks, four bookstores, five department stores and shopping malls and 70 clothing and footware shops were among businesses that suffered damage, the Athens-based association said.
“Several national heritage sites were burned including a neoclassical building from 1870-1881, designed by German architect Ernst Ziller, which was gutted by fire, according to an e-mailed statement from the Athens City Hall.”
My Comment: This will only increase social tension. Studies suggest that only the solidarity of society, the proper distribution of income, and a feeling of unity will create a person’s sense of happiness, peace, and contentment, even with a modest lifestyle.
But this form can be achieved only through the preliminary education of people. We need to introduce mandatory education for all unemployed people, including housewives, retirees, etc., and in a few months society can be brought to conscious integral changes.