Greece fended off a bankruptcy that would have roiled global markets and threatened the future of the euro when lawmakers backed controversial austerity measures Wednesday in the face of violent protests. More than 100 people were injured in riots.
Investors cheered the bill -- which aims to cut spending and raise taxes by $40 billion and raise $71 billion in privatizations over five years -- but, in Athens, the mood was dark. In a haze of tear gas, protesters hurled anything they could find at riot police and tried to blockade the Parliament building.
A Greek default would threaten the viability of the euro, the European Union's common currency, and send shock waves through global markets similar to those that kicked off the global financial meltdown after the collapse of Lehman Brothers in 2008.
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