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Spanish, Greek protesters take to the streets

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    Amy Kellogg reports from London

  • Duration 3:19
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This fire -- protests in the streets and you're up.

Listen to some of it.

-- -- the scenes with riot police out in force in the streets of the city of Madrid.

Clashing with hooded protesters there tens of thousands of demonstrators.

Have taken to the streets according to reports on the ground there there angered at another round of steep budget cuts that have come down.

A default is the concern here and that could sink.

Europe's economy and it could cigars as well -- -- -- -- if it comes to that Amy Kellogg joins me now live from London.

So Amy those -- the scenes in Madrid also a bad situation unfolding in Greece.

Yeah.

Over here Greece is really -- most troublesome part of the eurozone.

Eurozone jigsaw -- it is ground zero and it really is caught in a vicious and often violent cycle basically.

If Greece can't pay back its loans if -- can't pay back its debt and it has to default and possibly leave the eurozone.

It can't pay back those loans if it doesn't get further bailout money it will not receive the next troughs.

Of bailout money if it doesn't make further cuts an -- that it has a very shaky government which could fall.

This was the first big strike since the fragile conservative led government.

Came to power in June the strike today protest -- the latest budget cuts.

People are feeling pain.

Salaries are dropping already by a third is not an uncommon story.

And that could get worse unemployment is at 19% increase youth unemployment is closer to 50% -- there is real desperation a declining middle class.

Black -- and our kids sort of hijacked what was earlier a peaceful but albeit very angry demonstration.

Against these.

Budget cuts.

We saw protesters hurling.

Gasoline bombs at the police for now -- it has quiet it down.

But the day is not over you know it's not and it's likely to happen again so what about Spain Amy what's the latest there.

And Spain yesterday was quite on edge there were big protests.

64 people work.

Injured there were lots of arrests Spain also in a very difficult way.

Police were firing rubber bullets.

They were baton charging the protesters Spain's unemployment -- -- 24% again youth unemployment around 50%.

This is the highest unemployment since the seventies and the economy -- -- is expected to shrink.

Not grow but shrink by one point 6% this year.

The bank of Spain has said that it's recession -- -- recession is quickening.

At a very significant pace in June -- The European Union it.

Earmarked -- 130 billion dollars to bail out Spain's banks.

But the government itself is very hesitant to ask for a proper bailout because that has a very high political.

Price and and -- again that.

Requires more cutbacks were gonna hear tomorrow from Spain about what further cutbacks need to be made at the current state after already some very heavy reductions.

An education and health.

Boy boy what a mass at 24%.

Unemployment in Madrid and of course all of our economy is -- US.

And these large economies in Europe are intertwined in many ways Amy thank you very much.

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