Greece has become mired in a 24-hour general strike by labor unions of both the public and private sectors.

The nationwide strike is in protest of the Greek government’s announcement that it would inevitably have to slash the public sector’s wages, manpower and pension as it is set to reduce its finances by eleven-and-a-half billion euros next year, or 25 percent of this year’s state finances.

Spain also saw large rallies protesting the Spanish government’s belt-tightening policies.

With concerns mounting over the protests in the two countries, European stock prices plunged. France saw stock prices fall two-point-eight percent, Germany two percent and Britain one-and-a-half percent.