The current economic recession has hit many countries very hard. Greece unfortunatly was hit harder than most. At the start of 2010 there were fears that a sovereign debt crisis in certain european nations such as Greece, Portugal, Spain, and Ireland. This led for investors to feel concerned whether these countries will be able to pay off their depts, creating bond yields and raising risk insurance for credit default swaps from France and Germany. This now not only puts these countries in a major debt but also not giving them any support to help them recover.
The Greek Prime Minister George Papandreou stated that the economic situation in Greece has "confirmed their worst fears." He is not asking other EU countries to pay off their debts for them, however he is asking for their cooperation and support as they struggle to avoid bankruptcy. What they need to do is regain investor confidence in their nation, and figure a way pay off the $20 billion that they got from previous investors by their due dates in April and May. Papandreou is also taking drastic measures to cut down the countries deficit. He plans on greatly increasing taxes, making lasge spending cuts, and having pension reforms.
Germany who has refused to pay off any debts for Greece is getting criticized by Athens. The Grrek government is not officially asking Berlin to pay off their debts. Instead they are trying to get Germany to pay off any unpayed reparations from the German occupation of Greece in WWII. Germany, however, claims that they have payed off all reparations. Prime Minister George Papandreou is going to Berlin on March 5th to meet with Chancellor Angela Merkel to discuss a way for Greece and Germany to come up with an agreement on how to fix this crisis.
One thing that is looking good for Greece is that Papandreou seems to have a large support by the citizens of Greece. They are ready to suffer for the good of their nation, which more than we can say for the US where all we want is lower taxes and more spending.
For more info on this go to: http://cnbc.com/id/35599317/site/14081545/for/cnbc/
The Greek Prime Minister George Papandreou stated that the economic situation in Greece has "confirmed their worst fears." He is not asking other EU countries to pay off their debts for them, however he is asking for their cooperation and support as they struggle to avoid bankruptcy. What they need to do is regain investor confidence in their nation, and figure a way pay off the $20 billion that they got from previous investors by their due dates in April and May. Papandreou is also taking drastic measures to cut down the countries deficit. He plans on greatly increasing taxes, making lasge spending cuts, and having pension reforms.
Germany who has refused to pay off any debts for Greece is getting criticized by Athens. The Grrek government is not officially asking Berlin to pay off their debts. Instead they are trying to get Germany to pay off any unpayed reparations from the German occupation of Greece in WWII. Germany, however, claims that they have payed off all reparations. Prime Minister George Papandreou is going to Berlin on March 5th to meet with Chancellor Angela Merkel to discuss a way for Greece and Germany to come up with an agreement on how to fix this crisis.
One thing that is looking good for Greece is that Papandreou seems to have a large support by the citizens of Greece. They are ready to suffer for the good of their nation, which more than we can say for the US where all we want is lower taxes and more spending.
For more info on this go to: http://cnbc.com/id/35599317/site/14081545/for/cnbc/
No comments:
Post a Comment