The European Union's Economic and Monetary Affairs Commissioner Ollie Rehn said on February 25 2010 that while the EU economy is still likely to grow slightly this year, its recovery is "fragile."
 
Rehn and other European economic officials say they are especially concerned about Greece.
 
Greece's total debt amounts to more than the country's yearly economic output, prompting two of the world's major credit rating agencies, Standard & Poor's and Moody's, to warn they may downgrade the country's rating. If they do, Greece could have more difficult time raising money to pay back its debt.
 
The head of Germany's Federal Finance Agency, Carl Heinz Daube, said in a London conference on February 25 that Greece's failure to pay back its debt could have huge consequences for countries using the euro. He said that perhaps it could lead to "a collapse of the whole system."
 
On February 25, Greek riot police clashed with demonstrators in Athens on the fringes of major protest marches against government austerity measures. Tens of thousands of civil servants, private sector workers and laborers staged a 24-hour strike to show their displeasure with the government's plans.
 
For the second time in two weeks, Greece's powerful trade unions and strikers paralysed the country.
 
Public transport links were almost completely shut down, flights in and out Athens cancelled, offices closed and even famous archeological sites such as the Acropolis closed to tourists.
 
Scuffles were reported on the fringes of the protests, with police firing tear gas at demonstrators. Police say the clashes broke out when rock-throwing youths tried to storm a building near parliament.
 
The Greek economy is in crisis with a spiralling public debt of nearly 13 per cent - more than four times higher than allowed under the rules of the eurozone, to which Greece belongs. The government is under pressure to bring its debt and spending under control and has been warned by its EU partners further austerity measures may be needed if the current proposed cutbacks are not sufficient.
 
The government's austerity measures include freezing public sector salaries, raising the average retirement age by 2015, raising taxes on gasoline, alcohol and tobacco and cracking down on tax evaders.
 
But the government has little choice, London School of Economics Greek Studies professor Kevin Featherstone told the Voice of America.
 
"It simply is not possible for Greece to correct its position and undertake the necessary reforms without the burden being shared across society, including those who are out on the streets this week," he said.
 
Reform of pension and public sector spending is long overdue, says Featherstone. Despite the protests, he says there appears to be a shift in public opinion toward meaningful reforms.
 
"Recent opinion polls are showing a shift in public opinion - two-thirds to three-quarters of Greeks support reform measures, according to the opinion polls. There is a recognition I think, that this time there has to be serious reform," he said.
 
But Featherstone predicts there will likely be more strikes to come.
 
Many Greeks have been angered by the lack of concrete help from the European Union. The European Union has offered moral support, but no financial bail-out.