Greek citizens are facing public sector job losses, higher VAT (value-added taxes) and losses in school funding and welfare benefits, according to a new report from CNN.
Greece's debt is forcing the country to undergo austerity measures, which the Greek parliament is voting on. The austerity measures come at the hands of international lenders, who threaten to withhold future aid from Greece if the country does not impose the strict policies.
Greek citizens will see increases in consumer taxes and loss of benefits. Some other European citizens have complained that they don't want their tax dollars dedicated toward a bail-out for the nation, but Greece sits in a position that has great impact on the rest of Europe and the Euro. If Greece fails, so could Portugal and Ireland, reported the news source.
"Both the future of the country and financial stability in Europe are at stake," Olli Rehn, the European Union commissioner, told the news source in a separate CNN report. "I trust that the Greek political leaders are fully aware of the responsibility that lies on their shoulders to avoid default."