The document analyzes the causes of Greece's debt crisis and possible ways out. The key causes included overreliance on tourism that decreased after prices rose, large costs from hosting the 2004 Olympics, and Greeks taking on significant debt without paying taxes. Possible ways out discussed providing Greece with large bailout loans to reduce debt to 120% of GDP, or allowing Greece to default which some argue is inevitable and would better help Spain and Italy with their crises. The document examines both sides of continuing bailouts versus allowing default.
The Greek government crisis (also known as the Greek depression) started in late 2009. It was the first sovereign debt crisis in the Eurozone later referred to collectively as the European debt crisis.
In 2012, Greece's government had the largest sovereign debt default in history.
On June 30, 2015, Greece became the first developed country to fail to make an IMF loan repayment. At that time, Greece's government had debts of €323bn.
Project on Greece Crisis and Impact for Economic Environment of Business Renzil D'cruz
: Project on Greece Crisis and Impact for Economic Environment of Business
• financial crisis of 2007–2008
• Greek government-debt crisis
• Causes for deteriorated economic
• Tax evasion and corruption
• Unsustainable and accelerating debt-to-GDP ratios
• Impact of the Greece Economic Crisis on India
India’s Crisis Responses and Challenges
Eurozone Crisis : A case study on GreeceAniket Pant
Our group was required to do a presentation for Financial Management on the Euro Zone Crisis. We took the example of Greece and did the study. Here are our slides.
Project on Greece Crisis and Impact for Economic Environment of Business Renzil D'cruz
: Project on Greece Crisis and Impact for Economic Environment of Business
• financial crisis of 2007–2008
• Greek government-debt crisis
• Causes for deteriorated economic
• Tax evasion and corruption
• Unsustainable and accelerating debt-to-GDP ratios
• Impact of the Greece Economic Crisis on India
India’s Crisis Responses and Challenges
The Greek government-debt crisis (also known as the Greek depression) started in late 2009. It was the first of five sovereign debt crises in the euro-zone – later referred to collectively as the European debt crisis.
The 1999 introduction of the euro as a common currency reduced trade costs among the Eurozone countries, increasing overall trade volume. However, labor costs increased more in peripheral countries such as Germany, making Greek exports less competitive. As a result, Greece saw its current account (trade) deficit rise significantly.
Causes:
Government spending
Current account balance
Tax evasion
Misreported debt statistics
SOLUTIONS IMPLEMENTED:
First Economic Adjustment Programme for Greece (May 2010 – June 2011)
Second Economic Adjustment Programme for Greece (July 2011 – present)
RECOMMENDATION TO THE CRISIS:
Exit the Eurozone or "Grexit"
Digital currency cards
Negotiate another bailout
European debt conference
The Greek government crisis (also known as the Greek depression) started in late 2009. It was the first sovereign debt crisis in the Eurozone later referred to collectively as the European debt crisis.
In 2012, Greece's government had the largest sovereign debt default in history.
On June 30, 2015, Greece became the first developed country to fail to make an IMF loan repayment. At that time, Greece's government had debts of €323bn.
Project on Greece Crisis and Impact for Economic Environment of Business Renzil D'cruz
: Project on Greece Crisis and Impact for Economic Environment of Business
• financial crisis of 2007–2008
• Greek government-debt crisis
• Causes for deteriorated economic
• Tax evasion and corruption
• Unsustainable and accelerating debt-to-GDP ratios
• Impact of the Greece Economic Crisis on India
India’s Crisis Responses and Challenges
Eurozone Crisis : A case study on GreeceAniket Pant
Our group was required to do a presentation for Financial Management on the Euro Zone Crisis. We took the example of Greece and did the study. Here are our slides.
Project on Greece Crisis and Impact for Economic Environment of Business Renzil D'cruz
: Project on Greece Crisis and Impact for Economic Environment of Business
• financial crisis of 2007–2008
• Greek government-debt crisis
• Causes for deteriorated economic
• Tax evasion and corruption
• Unsustainable and accelerating debt-to-GDP ratios
• Impact of the Greece Economic Crisis on India
India’s Crisis Responses and Challenges
The Greek government-debt crisis (also known as the Greek depression) started in late 2009. It was the first of five sovereign debt crises in the euro-zone – later referred to collectively as the European debt crisis.
The 1999 introduction of the euro as a common currency reduced trade costs among the Eurozone countries, increasing overall trade volume. However, labor costs increased more in peripheral countries such as Germany, making Greek exports less competitive. As a result, Greece saw its current account (trade) deficit rise significantly.
Causes:
Government spending
Current account balance
Tax evasion
Misreported debt statistics
SOLUTIONS IMPLEMENTED:
First Economic Adjustment Programme for Greece (May 2010 – June 2011)
Second Economic Adjustment Programme for Greece (July 2011 – present)
RECOMMENDATION TO THE CRISIS:
Exit the Eurozone or "Grexit"
Digital currency cards
Negotiate another bailout
European debt conference
An attempt to cover different facets of ESD Crisis . Following ppt enumerate how it all got started and draws out rationale behind the formation of EU.
This presentation explores the causes of the European debt crisis, timeline of the crisis, its extent, how it is being addressed, who is to blamed for the crisis and how it affects us.
The European debt crisis (often also referred to as the eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of 2009. Several eurozone member states (Greece, Portugal, Ireland, Spain and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).
The eurozone crisis was caused by a balance-of-payments crisis (a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending). The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency).
The Greek government-debt crisis was the sovereign debt crisis faced by Greece in the aftermath of the financial crisis of 2007–08. Widely known in the country as The Crisis (Greek: Η Κρίση), it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis.[6][7] In all, the Greek economy suffered the longest recession of any advanced mixed economy to date, overtaking the US Great Depression. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country
An attempt to cover different facets of ESD Crisis . Following ppt enumerate how it all got started and draws out rationale behind the formation of EU.
This presentation explores the causes of the European debt crisis, timeline of the crisis, its extent, how it is being addressed, who is to blamed for the crisis and how it affects us.
The European debt crisis (often also referred to as the eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of 2009. Several eurozone member states (Greece, Portugal, Ireland, Spain and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).
The eurozone crisis was caused by a balance-of-payments crisis (a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending). The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency).
The Greek government-debt crisis was the sovereign debt crisis faced by Greece in the aftermath of the financial crisis of 2007–08. Widely known in the country as The Crisis (Greek: Η Κρίση), it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis.[6][7] In all, the Greek economy suffered the longest recession of any advanced mixed economy to date, overtaking the US Great Depression. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country
We all know Greece is in deep trouble after defaulting on its debt to the International Monetary Fund. Many Greeks blame the austerity measures for much of the country’s continuing problems. The leftist Syriza party rode to power this year promising to renegotiate the bailout.
The Greek economy is shrinking. At such times one of the tools available with government is to tinker with the currency. Unfortunately the Greeks cannot do so because they share their currency with other nations of the EURO region.
Today’s lesson by Prof. Simply Simple attempts to explain you the story of ‘Greece Crisis’ using an interesting analogy.
Over the last decade, Greece went on a debt binge that came crashing to an end in late 2009, provoking an economic crisis that has decimated the country’s economy, brought down its government, unleashed increasing social unrest and threatened the future of the euro.
Since a change in government revealed the true size of the country’s massive deficits, Greece has been kept afloat by its fellow euro zone countries, but at a steep price: the austerity measures demanded by France and Germany in return for two massive bailout packages, totaling 240 billion euros, have ripped holes in the Greek safety net and plunged the country into a recession of near-Great Depression dimensions.
After long resisting the idea of a default, European officials in March 2012 helped Greece negotiate a landmark debt restructuring deal with the vast majority of its private sector lenders, who agreed to swap $77 billion in Greek debt for new bonds worth as much as 75 percent less. It was the largest default in history.
The deal cleared the way for the so-called troika — European Commission, the European Central Bank and the International Monetary Fund — to begin releasing funds from the second, 130 billion euro ($163.4 billion) bailout package, avoiding an uncontrolled default. But many economists said it still left Greece saddled with unsustainable debts and little prospects for growth.
While Greece received billions of euros in emergency assistance from the lenders overseeing its bailout, almost none of the money is going to the Greek government to pay for vital public services. Instead, much of it is flowing directly back into the troika’s pockets. The European bailout that was supposed to buy time for Greece is mainly servicing the interest on the country’s debt; other funds have been set aside for propping up the nation’s shaky banks. Meanwhile, the Greek economy continues to decline.
In early May 2012, voters upended the country’s political system in a parliamentary election that saw the crushing defeat of the dominant parties, who were blamed for Greece’s collapse. Parties representing the left and the far-right made gains, as Greeks protested the austerity pact. After the leading parties failed to form a coalition, a caretaker government was installed until elections in June.
The operating cycle of the Amazon is based on the Mainframe which is also called as "big iron" is performance based computer which is used for the large-scale information computing purposes which are required larger availability of the data and security than a small-scale operating machine can propose.
The Impact of the current Greek financial woes on the global econo.docxcherry686017
The Impact of the current Greek financial woes on the global economy
Introduction
Soon after the implosion of Wall Street in 2008, Greece became the focal point of Europe’s debt crisis. In 2009, Greece announced its deficit figures have been understated for years. This raised concerns across the globe regarding the financial state of Greece and eventually resulted in shutting Greece out of borrowing funds from the financial markets.
By the spring of 2010, Greece was veering toward bankruptcy, which threatened to set off a new financial crisis. The European Central Bank, The European Commission and the International Monetary Fund (IMF) issued a bailout of about 240 billion Euros to Greece.
The bailouts came with conditions. Lenders imposed harsh austerity terms, requiring deep budget cuts and steep tax increases. They also required Greece to overhaul its economy by streamlining the government, ending tax evasion and making Greece an easier place to do business.
The bailout funds were meant to buy some time to help Greece stabilize its finances and allay fears of the European Union breaking up. Though the funds helped to a certain extent, the Greek economy had shrunk by a quarter and unemployment had risen above 25 percent.
Many Greeks and economists, blame the austerity measures for much of the Greece’s continuing problems. While creditors such as Germany, blame Athens for failing to conduct the economic overhauls required under its bailout agreement. They do not want to change the rules for Greece
If Greece defaults, what will happen to the economy?
In the wake of becoming one of the first developed nations to default on their international financial obligations, Greek citizens are hoping that their government strikes a deal to help save them. What exactly is going on in Greece that would cause the country to default, one may ask? Over the past few years, Greece has not been performing well economically. They have experienced increasing levels of the unemployment rate, and their banks simply have not been able to endure the financial crisis. An already high national debt has continued to build up, to the point that the payments due by Greece are almost un-payable. At the very least, the inability to repay debt is a bad signal to all countries and business relationships that the Greeks were a part of. If a deal is not met to help the Greek economy with their creditors on actions to help prevent the debt from growing, as well as repayment, there can be serious consequences.
Greece could default without exiting the Euro. In this scenario, the European Central bank would have to decide on whether or not they want to continue bailing out Greek banks, or put a complete end to aiding the Greek economy. Greece could leave the Euro, and form its own currency. This undoubtedly would have even more adverse effects on the Greek economy. If leaving the Euro-zone is imminent, citizens would begin taking their Euros out of banks. ...
Greece-crisis is an article explains about the major crisis which hit the Greece during July- 2015 which is still surviving.The reasons why still Greece crisis is surviving.
The Greek Sovereign Debt Crisis When the euro was established, som.pdfalankartraders
The Greek Sovereign Debt Crisis
When the euro was established, some critics worried that free-spending countries in the euro
zone (such as Italy and Greece) might borrow excessively, running up large public- sector
deficits that they could not finance. This would then rock the value of the euro, requiring their
more sober brethren, such as Germany or France, to step in and bail out the profligate nation. In
2010, this worry became a reality as a financial crisis in Greece hit the value of the euro.
The financial crisis had its roots in a decade of free spending by the Greek government, which
ran up a high level of debt to finance extensive spending in the public sector. Much of the
spending increase could be characterized as an attempt by the government to buy off powerful
interest groups in Greek society, from teachers and farmers to public-sector employees,
rewarding them with high pay and extensive benefits. To make matters worse, the government
misled the international community about the level of its indebtedness. In October 2009, a new
government took power and quickly announced that the 2009 public-sector deficit, which had
been projected to be around 5 percent, would actually be 12.7 percent. The previous government
had apparently been cooking the books.
This shattered any faith that international investors might have had in the Greek economy.
Interest rates on Greek government debt quickly surged to 7.1 percent, about 4 percentage points
higher than the rate on German bonds. Two of the three international rating agencies also cut
their ratings on Greek bonds and warned that further downgrades were likely. The main concern
now was that the Greek government might not be able to refinance some 20 billion of debt that
would mature in April or May 2010. A further concern was that the Greek government might
lack the political willpower to make the large cuts in public spending necessary to bring down
the deficit and restore investor confidence.
Nor was Greece alone in having large public-sector deficits. Three other euro zone
countriesSpain, Portugal, and Irelandalso had large debt loads, and interest rates on their bonds
surged as investors sold out. This raised the specter of financial contagion, with large-scale
defaults among the weaker members of the euro zone. If this did occur, the EU and IMF would
most certainly have to step in and rescue the troubled nations. With this possibility, once
considered very remote, investors started to move money out of euros, and the value of the euro
started to fall on the foreign exchange market.
Recognizing that the unthinkable might happenand that without external help, Greece might
default on its government debt, pushing the EU and the euro into a major crisisin May 2010, the
euro zone countries, led by Germany, along with the IMF agreed to lend Greece up to 110
billion. These loans were judged sufficient to cover Greeces financing needs for three years. In
exchange, the Greek government agreed t.
An insight and a research of how the Greek economy came about to being of the most deteriorating economy today. Explains the 2000-2009 crises, the 2010 crises and the current situation of Greece economy. Also highlights the the social and economic effects of these crises.
role of women and girls in various terror groupssadiakorobi2
Women have three distinct types of involvement: direct involvement in terrorist acts; enabling of others to commit such acts; and facilitating the disengagement of others from violent or extremist groups.
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
हम आग्रह करते हैं कि जो भी सत्ता में आए, वह संविधान का पालन करे, उसकी रक्षा करे और उसे बनाए रखे।" प्रस्ताव में कुल तीन प्रमुख हस्तक्षेप और उनके तंत्र भी प्रस्तुत किए गए। पहला हस्तक्षेप स्वतंत्र मीडिया को प्रोत्साहित करके, वास्तविकता पर आधारित काउंटर नैरेटिव का निर्माण करके और सत्तारूढ़ सरकार द्वारा नियोजित मनोवैज्ञानिक हेरफेर की रणनीति का मुकाबला करके लोगों द्वारा निर्धारित कथा को बनाए रखना और उस पर कार्यकरना था।
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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03062024_First India Newspaper Jaipur.pdfFIRST INDIA
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31052024_First India Newspaper Jaipur.pdfFIRST INDIA
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In a May 9, 2024 paper, Juri Opitz from the University of Zurich, along with Shira Wein and Nathan Schneider form Georgetown University, discussed the importance of linguistic expertise in natural language processing (NLP) in an era dominated by large language models (LLMs).
The authors explained that while machine translation (MT) previously relied heavily on linguists, the landscape has shifted. “Linguistics is no longer front and center in the way we build NLP systems,” they said. With the emergence of LLMs, which can generate fluent text without the need for specialized modules to handle grammar or semantic coherence, the need for linguistic expertise in NLP is being questioned.
1. Running head: The causes of the debt crisis in Greece
The causes of the debt crisis in Greece
Oleksandr Zaviriukha
300686394
Centennial College
Author Note
This paper was prepared for Economics 401
Taught by Professor Aurelia Best
3. Abstract
Nowadays, it is so strange to observe economical crisis in the prosperous countries of
West, all of which seems to be rich and strong. But today, after the 2008 crisis, Europe is facing
new debt crisis, which has already affected Greece, Ireland, Portugal, Spain and Italy.
http://www.guardian.co.uk/business/blog/2011/oct/17/europe-debt-hangover-alarm-
bells
Greece was one of the poorest countries, when it became a member of European Union
in 1981. However, Greece had a strategic importance in the Balkans, which caused huge amount
of investments in country and its economy. Furthermore, homeland of the European civilization,
Greece started to attract a lot of visitors from North America and Western Europe. All these
factors create a new economical environment for Greece and it was one of the fastest growing in
euro zone in earliest 2000s.
Now, Greece is one of the poorest countries of euro zone and it’s facing huge problems
with a sovereign debt crisis, 175% of GDP of the country. There are numerous demonstrations
all the time in the different cities of the country, the governments change each other almost every
months. Although, it has started more than 2 years ago the situation is more likely to get even
worth despite the cutting of expenses and assist of the Germany and leaders of the EU. IMF and
4. ECB (European Central Bank) are taking the negotiations to provide Greece with a new bailout
package and this is expected to reduce Greek sovereign debt to 117% by the end of the year. One
more problem is that Germany is a main owner of Greek bonds and obligations and default of
this country will affect not just themselves but whole union.
So, what had happened to the Greek economy? Why this problem had appeared so fast
and is growing so rapidly? In this paper I will cover and discuss all the reasons which caused a
Greek debt crisis as well as possible ways out for the country.
5. The causes of the debt crisis
There is number of reasons which caused a debt crisis in Greece:
1. Firstly, Greece was affected by the 2008th year crisis particularly hard because its main
industries — shipping and tourism — were especially sensitive to changes in the business
environment. Tourism – one of the main points which caused a growing of Greece economy
earlier, appeared to be one of the most important causes of its crisis later. By the time when
Greece entered the euro zone in 2002 its rapid growth in tourism industry began to decrease
for several reasons. The main is the enormously high prices for the trips and services for the
visitors. Greeks decided that they can easily make the prices higher than it should be and
overcharge the tourists because of natural beauty of the country and its historical and cultural
places. However, the tourists started to choose often a close alternative – Turkey. Turkey has
beautiful beaches, excellent service and many places to visit as well for much lower price.
So, Ankara started to struggle with Athens for the tourists and was doing well, inevitable
beating Greece with a number of tourists. When in 2008 the crisis began, it has added one
huger problem to the previous one.
2. Furthermore, in 2004 Greece was hosting for the summer Olympic Games. The costs were
huge. Government had to build new airports, roads, hotels, facilities and stadiums around the
Athens. Moreover, Greece had to complete new transportation plan of rebuilding the Athens
infrastructure and clean up the whole city. The costs of doing all of these points were
astronomically high, these costs created a high budget deficit in the next year, beside the
decrease in tourism.
3. Finally, I have mentioned before, that Greece had an important strategic position and has
experienced high rate on investments in 80th-90th. This fact played a negative role for Greece
also. From the observations of my friend and his family, who have been living in Athens
from 1993 till 2009, Greeks enjoyed the new financial opportunities, taking huge loans
6. without any fear and not paying for some usual taxes. For example, there is no tax on
property. The famous business in Greece was to take loans and to buy many apartments our
houses for rent. What is more, after the crisis has come, Greeks refused to start paying higher
taxes in order to save economy and began the demonstrations and protests.
“ In November 2004, the media reported that Greece had misrepresented its financial
situation in order to join the Euro zone in 2002. It had never met the criteria and should not have
been allowed to become a member of the single currency zone. With this kind of attitude towards
spending and debt, one would think that the other member states would have been keeping a
close eye on Greece's spending and economic situation. There have been several cases of
corruption involving politicians in the country over the last decade, with money allegedly being
misappropriated. There also seemed to be no repercussions for those involved in such scandals.
Just as in some countries in the developing world, a walk around Athens would show that the
black economy is thriving.” (1)
7. The possible ways out
On 23 April 2010, the Greek government requested an initial loan of €45 billion from the
EU in order to eliminate the debt in the 2011. There are a lot of controversy what is the best way
fir Greece and Europe to deal with the debt crisis.
Those, who stand for united Union claim that Europe will eventually save Greece
economy and eliminate the sovereign debt. The analytics say that despite the huge amounts of
new loans paid to Greece in the last few years, the default and secede from the Union will fatally
affect Greece and whole EU. To prevent the civil strikes and disorders in Greece the IMF, EU
and ECB eventually agreed to provide Greece with new 130$ billion package in order to
eliminate the debt level to 120% of GDP. “For the first time, the bailout deal also included a
debt restructure agreement with the private holders of Greek government bonds (banks, insurers
and investment funds), to "voluntarily" accept a bond swap with a 53.5% nominal write-off,
partly in short-term EFSF notes, partly in new Greek bonds with lower interest rates and the
maturity prolonged to 11-30 years (independently of the previous maturity). It is the world's
biggest debt restructuring deal ever done, affecting some €206 billion of Greek government
bonds. “(2)
“The debt write-off had a seize of €107 billion, and caused the Greek debt level to fall
from roughly €350bn to €240bn in March 2012, with the predicted debt burden now showing a
more sustainable size equal to 117% of GDP, somewhat lower than the originally expected
120.5%.” (3)
8. http://seekingalpha.com/article/201597-european-debt-crisis-right-around-the-corner-u-s-
housing-collapse-redux-on-the-way
From the other hand there are those, who is sure that Greek default is just a matter of time
and it will be more beneficial for Greece and EU, if Greece will claim default as fast as possible.
According to these economists there are several reasons for that:
- “Greek default is inevitable. It is not a matter of if, but how. A default is built into
the terms of the proposed second bailout package, in which private creditors are
expected to swap or roll over their holdings of Greek bonds, taking a loss in the
process. “ (4)
- “Investors are already assuming Greece will default, and are preparing for it. Greece
has been on an obvious downward spiral for nearly two years now. Its one-year
bonds are trading at a yield well over 100% — clear indication investors believe a
default is coming. Since the markets are already anticipating a default, there isn’t as
much downside in actually having one.” (4)
- Many economists and analytics assume a default will happen and the bailout
program is not working. There is no big progress despite of hundreds of billions of
9. Euros and 2 years of struggling. The main reason the bailout is failing is that no one
believes that Greece can fix its finances and reform its economy under this program.
- “The euro zone would do more good by using the Greek bailout money elsewhere.
The leaders of the zone could, for example, utilize the funds to support Spain and
Italy, the crises in which are the real threat to the future of the euro. Or maybe it’s
best to use the Greek bailout funds to recapitalize and shore up the European
banking sector, which would minimize the impact of a Greek default.” (4)
- The bailout program is pushing Greek social and economical environment towards
complete disaster. GDP shrank is growing, protesters are almost always on the
streets, unemployment rate is higher than 16% and it is not the worst situation, many
economists claim.
10. Conclusion
In this paper work I have pointed main reasons of the dept crisis in Greece and the ways they can
choose to follow in order to stabilize the economy of the country. I reserve my judgment,
because this is extremely tough issue, even best world economists are not sure about the future of
Greece. To my mind, European Union will continue its tries to save Greek economy and keep it
in euro zone, despite the weakness of Greek government and social protests. I venture to assume
that this tactic will succeed in some way, but leaders of the EU such as Germany and France will
spend huge amounts of money on that.
Greeks need to understand that the world has changed since their entry to the EU. The country is
no longer as strategically important to Western Europe as it once was. They have to work hard
and to sacrifice a lot in order to save their economy and their country.