Life Under Greece Austerity

Obstacles remain following European bailout deal.
1:49 | 02/13/12

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Transcript for Life Under Greece Austerity
The stability of Greece has a big ripple effect on what can happen here in the American recovery. The streets there -- have been erupting in chaos and fury as it's official the Greeks are being told how much they have to tighten their belts. ABC's global affairs anchor Christiane Amanpour has that story. It's harsh medicine and more than a 100000 people. Protesting the draconian cuts violence and rage boiled over at least fifty buildings with -- nearly 200 people were injured. But beneath the rage is desperation. Eleventh -- -- is finished this man says there's no hope. Often leading -- beyond its means with tax evasion and generous benefits a way of life. Greece is now trying to avoid bankruptcy and must tighten its belt like never before. That means slashing the minimum wage by more than a fifth. Skyrocketing taxes just imagine filling up you'll -- off a ten dollars a gallon. And the outlook is bleak among young people under 25 half a without a job. The Greek government says suicides have increased 40%. Over last year but will these cuts -- Will Greece be saying. The rest of year is very nervous about Greece's ability to implement this program. Based on what you seem. There in the streets recently. And if this doesn't work the fear is that the domino effect could -- right across the ocean to you. An affect everything in the United States from jumps to 401 case however it must be said that the austerity budget has coolest. Stock markets to rally here in Europe and in the US.

This transcript has been automatically generated and may not be 100% accurate.

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