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Greece’s debt crisis and the age of austerity

Last year, Greece’s government froze state wages and raised taxes as well as the retirement age. But since then, the economy has shrunk and the unemployment rate rose above 16 percent.

This week, the Greek government passed a second wave of measures that included more wage cuts and tax increases, along with a measure to privatize major state assets, including stakes in power and telecommunications companies. The local response: a two-day general strike and protests that turned violent in Athens.

Need to Know’s financial correspondent Stacey Tisdale reports on Europe’s economic situation and why the world is anxiously watching Greece.

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