Friday, February 17, 2012

Greece: Not a financial issue anymore

We all know that Greece has major financial problems. The Greeks borrowed heavily and spent beyond their means. This resulted in a lot of loans that now have to be repaid. Since Greece does not have the necessary money, it is turning to the European Commission (EC), the International Monetary Fund (IMF), and the European Central Bank (ECB) to get a bailout of $170 Billion.

These three agencies are demanding drastic spending cuts and reforms. However, the key issue is that these agencies are also demanding that no matter what the election results are in April, Greece cannot change these policies.

The question then is no longer just financial but about Greece’s sovereignty. No wonder people of Greece are unhappy.

2 comments:

  1. Great article!! by the way I am looking for good rates on annuities any thoughts – my next door neighbor is an agent with bankers life and casualty he claims to they have the best rates but don’t know if anyone here had any experience with them please give me your feedback

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