Greece's Economic Future at Stake; World Economy May Hang on Greek Election
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Greece will be the focus of world attention as Parliamentary elections are held on Sunday that have the potential to determine the future of the European currency, further unsettle international markets and even spark a new global financial crisis and recession. The outcome of the election will be a defining moment in Europe's debt crisis. It will decide whether Greece gets a government that can strike a deal with the European Union and International Monetary Fund on easing the terms of its bailout deal. International lenders will have to decide how far they are prepared to go to in helping Greece. So far, Europe's strongest economy and biggest lender, Germany, has said that Greece must stick to the austerity measures it agreed to. The worst-case scenario is that if no agreement is reached, Greece may not get the bailout money it so desperately needs to stay afloat. If it defaults on its debts, many analysts believe Greece will have no choice but to leave the euro currency. Such an outcome would be uncharted territory. There are no provisions in European law for a country to leave the currency, and no one really knows exactly what would happen. Capital controls, like freezing bank accounts and sealing the county's international borders, might be implemented, because many Greeks would likely withdraw their euros before bank holdings are changed into a new currency that will immediately lose value, and even try to move their money outside Greece. The social cost could be devastating. The country could struggle to finance the import of basic necessities, such as food, energy and medicine. For more on this story: http://abcnews.go.com/blogs/headlines/2012/06/world-economy-may-hang-on-greek-election/
Comments
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This is quite innacurate. Greece still has a lot wealth, it's just those families who have no inheritance and aren't connected in the job world. The Rich Greeks should be held accountable. Don't think all Greeks are poor just because ABC shows the downtrodden neigborhoods of Athens, and some old grannies. Yes the country is shook up and the rich are not gloating like they did before. I would say they have gone more underground. Greece is fucked because the people are divided spiritually, socially, economically and mentally. There is no governance SYRIZA is an utter failure, and has lost control. ND the opposition is trying to cash in on the left's failure so they can be re-elected. It makes no difference if ND wins an upcoming election because Sipras would have signed all the agreements over to Mama Merkel and her cronies and Mitsotakis( his dad was an utter failure as well ) will just play along with the IMF and ECB with maybe a few minor alterations here and there. Greece is doomed, unless the right wins everywhere in Europe especially in the powerful countries like Germany,Italy, France and England and a right government also wins in Greece.
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Fuck off, first of all, you are not Turkish, you are a dick head of a Troll stirring up shit. Second of all, as a Turk, I extend my hand to all those Greeks who are currently having a hard time in their life. Hang in there neighbors, there is a light at the end of the tunnel. Ps: Please do not feed the Trolls everyone.
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FOREVER A LOAN
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Poor and miserable Greece.... :D
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I'm so happy to see those Greek bitches suffer :D hahaha :D from Turkey, btw.. :P
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First finish Syria that has half of our army and 30yr old machinery, and shoot down your Phantom, and then talk. Turks lately behave like the bully of the South-Eastern Europe, but all you are is a US puppet- dog that just barks and never bites.
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In these elections they BEGGED us not to leave euro simply because if that happens,every single country in the EU including Usa will collapse because of the inflation that will occur
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no that is not true. if greece doesn't do austerity , they won't get new loans and they will be kicked out of eu.
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Oh you are from those idiot people.Greece cant start a fight with Turkey,because Greece is part of NATO.Turkey is ALSO part of Nato.They cant hit each other. Educate yourself.Greece is not isolated,we have allies,and also our depts are connected.Every time we get a new loan,which will happen very soon again,every other country needs to give some money for that Loan.Like Spain,or Italy,which are in the way to be like Greece because of the failed dept system. Dont talk,just read.
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Greece is already isolated. Big financial walls have been built around greece when greece burns others won't burn. Greece should be smart and dont start fight with turks otherwise we will finish you before you burn yourself.
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If Greece burns you are next.We are holding the fire with our lives over here,just a though.
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Nope
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Or heres a thought maybe you greeks should start paying tax
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For the first time a Goverment has been elected with a total of 30% votes. Its not over yet.Now they must form parties.If they fail again we go for election AGAIN!Thats what happened in the first time. We never said we would leave euro,we said we would make the loan arrangements OUR way OR we will leave euro,or else the whole Europe will go down with us ;) I give the new goverment 2 weeks lifetime also.
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lol how did that turn out for ya. Back into the euro for you. I give it two weeks untill greece is totally fucked
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-_____- that happened over thousands of years ago.........
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Take that disgusting eu symbol off my beautiful Greek flag!!!!
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let greece burn, revenge for troy
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FK the banks and their predatory lending.
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Oh the irony
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