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May 11, 2011 at 11:35 AM
Athens saw the arrival on Wednesday of inspectors from the European Union (EU) and the International Monetary Fund (IMF), who came to conduct a review of Greece's efforts to combat its rising debt and determine whether the country will receive the next aid tranche in its rescue package. At the same time, workers in the country struck to protest austerity measures that they say are killing the economy.
Reuters reported that the inspectors will also decide whether to improve the terms of the country's loans or to grant yet more aid to stave off restructuring. Investors are convinced that restructuring is nearly inevitable, with that belief built into the pricing of Greece's bonds and their yield to the extent that debt growth may indeed be unsustainable.
Inspectors found that the streets of Athens were almost empty; strikers had shuttered shops and public services, and even brought flights and shipping to a halt. Hospitals were running on limited staff and transportation around the city was impaired as well. Posters lined the streets that said "We can't take it anymore. The rich and the tax evaders should pay."
