Within the last five years, Greece has been experiencing an economic decline that has yet to come to a stop. From job cuts, to the exasperation of businesses and the like, it appears that there is no relief in site. Yesterday the Greek finance minister, Evangelos Venizelos met with leaders as a means to try to find a solution without the help of other entities. However, it is coming to a point that it is becoming necessary to find some sort of outlet until it’s too late.
The EU along with the IMF have reached out to Greece to give them a bailout in return that they would join the EU and have the Euro as their currency. The bailout package is precisely 130 euro, which will mostly come from Germany. Currently, Greece faces a debt of 14.5 billion euros.
Although I understand the reasons why Greece is trying every avenue to save their economy, at this point it has been rendered useless. This downward spiral has been going on over a span of five years and it has been clear that it is not getting any better. It is frustrating all other countries that are a part of the European Union.
It appears that the longer they wait, the deeper the hole they will be in, for a lack of better terms. Greece should accept the bail out in hopes to secure the upcoming and surplus of their economy. It appears that they still have not yet grasped the fact that it just does not affect them, but it will soon affect other countries in Europe. As it was stated in the article, for Greece, time is of the essence and there is no valid reason for them to delay the bail and wait any longer.
Source: news.yahoo.com/worldnews