Photo Gallery: Anger and Despair on the Streets of Athens 07/09/2013
 Despite drastic austerity measures, a new Greek debt haircut looks...
DPA

Despite drastic austerity measures, a new Greek debt haircut looks unavoidable. The old system has proven resistant to reform and billions in emergency aid hasn't been enough to turn things around. Here, municipal police officers protest future layoffs in Athens on July 8. By 2015, Greece is required to shrink its public sector by 150,000 jobs, and another 15,000 civil servants are to be replaced by young, well-qualified candidates.