Authorities have said that "Generation 700," young educated but unemployed Greeks residing with parents, poses challenges for the government.

The Los Angeles Times has reported that the Greeks call the young living at insolvency levels "Generation 700" because if they were working before austerity measures were implemented, they would be earning a typical entry-level wage of about 700 euros or $660 a month.

The newspaper said on Saturday that many Greek elders are disappointed in what they see as fewer jobs available at lower pay leading to a lower standard of living, and less upward mobility than parents enjoyed.

Paulina Lampsa, international secretary for the ruling Panhellenic Socialist Movement party, said, "Parents dream of their children becoming doctors or lawyers, so they made a lot of sacrifices for education. Now they have a lot of degrees but no jobs."

Economists have also said that a new "lost generation" armed with degrees and expectations are looking for a foothold in the workforce.

Olga Stefou, 20, says one solution for Greece's budget shortfall is to pull its 122 troops out of Afghanistan and levy steep taxes on the Orthodox Church rather than squeezing the workers.

Stefou said with a shrug that the government is "in some way afraid of us. There are too many of us." (With Inputs from Agencies)