Greece Approves Austerity Bill as Riots Continue

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HAMBURG, Germany - Despite a second day of rioting, Wednesday, lawmakers in Greece approved a key austerity bill.

The $40 million, five-year plan is intended to pave the way for the next round of bailouts and prevent the country from defaulting on current loans. The measure includes both spending cuts and tax hikes.

Greece is currently swamped with debt and on track to default -- a possibility that would likely send shock waves through the global ecomony.

On Tuesday, young people and leftists, displeased with the proposed budget cuts, hurled rocks and fire bombs at riot police in central Athens. More than 20 police officers were injured.

Union leaders have warned that the austerity measures will create "continuing repetitive social explosions that unfortunately will be uncontrollable."

"We will all experience a social clash that no one knows where it will lead," one union worker said. "It will be out of control."

But without another bailout, Greece faces the prospect of a default next month. That would be a disastrous event that could drag down European banks and hurt other financially troubled European countries.

As the debt crisis lingers and worsens, more analysts are saying the Euro Zone will be damaged or destroyed.

Financial planner Robin Tull gives insight on the Greece debt crisis and its possible impact on the global economy.  Watch more below.

"If this continues, the euro will move toward disorderly debt workouts and eventually a break-up of the monetary union itself as some of the weaker members crash out," warned GFX Market guru Nouriel Roubini.

Although U.S. businesses and banks are not severely exposed to Greece's economy, a Greek collapse could start a ripple effect of more defaults throughout the European Union and the world economy, pulling the United States down with it.

As one journalist stated, Greece and the Eurozone are increasingly resembling a dying animal, with vultures circling above.

Many economists say Greece should serve as a warning sign to Washington that unless the U.S. government gets its budget under control, America could see its own debt crisis sooner than later.

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