Market Finance Time

What’s going on in Greece

March 4, 2010

Financial and economic condition of Greece is the theme for the alarming news and frightening prophecies for many months already. The European Union is concerned about the country’s huge public debt of around 300 billion euros, which corresponds to 113% of GDP. Greek budget deficit in 2009 reached to 12,7% and despite the government tries to reduce it to 8,7% it is sataying to grow. EU calls Greece for cuts in public spending. Analysts scare businesses collapse of the Greek public finances, which is able to lift the global economy from the optimistic equilibrium.

Critics prescribed recipes one after another. Greek law experts converged on analytic television, happily talk about the usefulness of some of the costs of the country. However, is it easy to heal the public finances of Greece and stop the ship to rock the EU?

It is the first time in the history of modern Greece that world media, particularly the financial press, have shown such concern and interest in the country. Even the Olympics didn’t attract this much attention.

Entry Filed under: General. .