Greeks riot against austerity (Author Jesse Garcia)
The Greek government has been in a financial crisis for the past several years. There have been several attempts to restructure Greek debts and pass “austerity budgets” with draconian cuts to government spending, but the nation is edging ever closer to a default on its national debts. The situation has deteriorated to the point where Bloomberg estimates that there is a 98 percent chance that Greece will default within five years.
Read this article on Examiner.com:
http://www.examiner.com/conservative-in-atlanta/what-a-greek-default-could-mean-for-you
Tags: austerity, crisis, debt, default, economy, finance, Greece, Greek, recession
CaptainKudzu 
February 21, 2012 at 6:27 pm |
A greek default, and swift exit from the Euro (followed by hyper-inflation) could also mean the country’s return to being a premier holiday destination of choice due to massive currency collapse and the proportionally increased strength of foreign cash – so it’s not all bad! You really must learn to look on the bright side of things.
February 21, 2012 at 8:56 pm |
That’s a great point that shows how the market seeks equilibrium. For the Greeks though, it is likely to get much worse before it gets better.
February 22, 2012 at 8:21 am |
As the old saying goes, “no pain, no gain!”