Greece saw similar anti-austerity protests in 2008. (Flickr/Creative Commons)

About $10 billion (or 8 billion euros) worth of cuts have been proposed in the draft budget, the New York Times reports, primarily in areas of public-sector pay, pensions and welfare. 

READ MORE: Greece Protest Over Spending Cuts Turns Ugly

The budget will likely be revised drastically before meeting approval by Greece’s foreign lenders. 

The draft budget includes predictions that Greece’s economy will shrink by 6.5 percent this year, an estimate worse than the troika’s previous figure of 4.8 percent. 

READ MORE: Unemployment Numbers, Budget Cuts Highlight Struggling French Economy

The budget also predicts that unemployment will rise from 23.5 percent to nearly a quarter of the workforce – 24.7 percent.

READ MORE: The European Debt Crisis In America

Spain also saw two days of protests in Madrid last week, and the government rolled out its fifth austerity package in nine months, announcing plans to borrow $267 billion (207.2 billion euros) in 2013. 

Read the full story at the New York Times.

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