Thursday, 29 March 2012

Greek Debt Worries Far From Over

It’s believed that Albert Einstien once said “Insanity is doing the same thing over and over and expecting different results”. It’s not the clinical definition, but I think it relates well to the current actions, by the European Union (EU), International Monetary Fund (IMF) and European Central Bank (ECB), to lift Greece from its debt woes.

Once again the group has approved a bailout package worth collectively 158 billion Euros (130 from the EU and 28 from the IMF), in hopes it will save Greece from ultimate financial collapse.  It’s the second bailout in as many years. The first bailout, funded by the EU and the IMF, was agreed in early May 2010. Under the agreement, the 110 billion euro fund would be issued within three years. But despite harsh austerity measures that followed, the money hardly made a dent in Greece’s debt problems and pushed her unemployment rate up even further. The jobless rate is currently 21 per cent in Greece, or twice the Euro zone rate.

Read more on my Ratesupermarket Blog

1 comment:

  1. My investment to the Stock market was bad because of Greek crisis...So i finding ways to get out of this. Thanks internet.