Here's What Austerity Looks Like

FUBAR in Greece:

ATHENS, Greece — Greek lawmakers on Monday approved harsh new austerity measures demanded by bailout creditors to save the debt-crippled nation from bankruptcy, after riots in Athens and other cities left stores looted and burned and more than 120 people hurt.

The historic vote paves the way for Greece's European partners and the International Monetary Fund to release $170 billion (euro130 billion) in new rescue loans, without which Greece would default on its mountain of debt next month and likely leave the eurozone – a scenario that would further roil global markets.

They really had no choice. Other European nations, on the other hand, didn't have to be as severe and only flummoxed their recovery.