According to the police, three people died in massive protests against austerity measures needed to keep Greece from economic collapse.

The crisis has sent the euro, which is shared by 16 European countries including Greece, plummeting. Late Wednesday it was down to $1.2818. It has traded as high as $1.60.

Tens of thousands of demonstrators marching through central Athens while the Athens News Agency-Macedonial Press agency reported three died in the firebombing of a bank, Voice of America has reported.

VOA also reported that Riot police used stun grenades and tear gas in street battles with rock-throwing demonstrators. One group of protesters attempted to storm Parliament. Violence also was reported in Salonika.

It was also noted by the report that Prime Minister George Papandreou has proposed $40 billion in budget cuts, including pension rollbacks, tax increases and wage freezes.

A general strike shut down airports, schools and hospitals in advance of a parliamentary vote Thursday on the austerity measures.

Flight cancellations, a halt in numerous services and closed tourist sites were reported by The New York Times as workers protested the government's plan to trim the budget.

The budget adjustments would put Greece in compliance with terms set out by the European Union and the International Monetary Fund for a $143 billion loan package to help Greece meet its debt obligations.

Chancellor Angela Merkel said in Germany on Wednesday that the bailout was "about nothing less than the future of Europe and the future of Germany in Europe." (With Inputs from Agencies)