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Greek Debt Crisis - Economy Explained - Do something about it today http://SilverProphets.com - Click Now and discover how to get free silver! "Nico Nomist" Originally aired on ABC TV's 7.30: 14/07/2011 http://www.twitter.com/mrjohnclarke http://www.facebook.com/ClarkeAndDawe From Wiki: The Greek government-debt crisis is one of a number of current European sovereign-debt crises.[1]. In late 2009, fears of a sovereign debt crisis developed among investors concerning Greece's ability to meet its debt obligations due to strong increase in government debt levels.[2][3][4] This led to a crisis of confidence, indicated by a widening of bond yield spreads and the cost of risk insurance on credit default swaps compared to the other countries in the Eurozone, most importantly Germany.[5][6] The downgrading of Greek government debt to junk bond status in April 2010 created alarm in financial markets, with bond yields rising so high, that private capital markets practically were no longer available for Greece as a funding source. On 2 May 2010, the Eurozone countries and the International Monetary Fund (IMF) agreed on a €110 billion bailout loan for Greece, conditional on the implementation of austerity measures. In October 2011, Eurozone leaders agreed to offer a second €130 billion bailout loan for Greece, conditional not only the implementation of another austerity package, but also that all private creditors holding Greek government bonds should sign a deal accepting a 53.5% face value loss. This proposed restructure of all Greek public debt held by private creditors, which constituted a 58% share of the total Greek public debt, would according to the bailout plan reduce the overall public debt burden with roughly €110 billion. A debt relief equal to a lowering of the debt-to-GDP ratio from a forecasted 198% in 2012 down to roughly 160% in 2012, with the lower interest payments in subsequent years combined with the agreed fiscal consolidation of the public budget and significant financial funding from a privatisation program, expected to give a further debt decline to a more sustainable level at 120.5% of GDP by 2020. For more info got to: http://en.wikipedia.org/wiki/Greek_government-debt_crisis http://www.youtube.com/user/WhereToBuySilverNow Original video http://www.youtube.com/watch?v=rK0De210TBQ Video SEO: http://www.youtube.com/user/VideoSeoServices http://www.videoseoservices.com For all your video seo services Greek Debt Crisis