Greece Economic Crisis

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Greece Economic Crisis

Date Added: June 17, 2010 10:19:32 AM

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Category: Greece

Greece Economic Crisis A number of factors led to the Greece economic crisis. For many years Greece has been careless on spending, over paying government salaries and handing out huge holiday bonuses. Tax evasion was common with most of the countries population. Everyone was looking the other way. President George Papandreou decided enough was enough with Greece's economic chaos. The retirement age was move from 50 up to 65 for starters. Big salaries were slashed and huge spending cuts were pushed through. Greece's President says it is time to get tough with all the countries economic problems. Greece's reckless management of the countries spending has its European neighbors hesitant and questioning why should they help? Bailout is an option but nobody wants to give Greece money for a problem they caused. This economic disaster is affecting more than Greece. Fall out has been felt world wide even in the US on the stock exchange. Fear was that the debt crisis could spread to other European countries. A bailout package is in the works for Greece's fragile economy. With that in mind, it still did not stop the thousands of people who took the streets in Athens to protest. They are angry over tax hikes and huge spending cuts. All arline travel stopped while a 24 hour strike had airport employess walkng away from their jobs. While peace and order has been restored around Athens, The new bailout plan will take some time to get going and lift Greece out of their drowning debt.

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Greece Economic Crisis

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