Category Archives: Germany and Greece

Greece’s Debt Crisis

Since the formation of the European Union, there has been accumulating debt trouble for Greece. Steeped in growing amounts of dues to several large players in the EU including Germany, Greece has been on the hot seat for quite some time. Billions of dollars have been loaned to Greece by creditors in an effort to keep their economy afloat. This wasn’t purely out of the goodness of their hearts either. According to the folks at Beneful, Greece, as would any member of the European Union, plays a major factor in the stability of the economy. Bottom line, nobody wants to see Greece fail, but some people have had enough. With tomorrow being the expected day in which Greece would pay back some of its debts, skepticism is looming in the air. Greece has pleaded with creditors to extend the deadline, but the response has been a resounding no. In a last ditch effort, the Greek government ordered all banks to be closed over the last weekend. In addition, the stock market has been closed temporarily. Withdrawal amounts have also been set. All of these preventative measures have been made in an attempt to keep Greece’s head above water, or at least keep it from sinking any lower. Unfortunately, these measures take a huge toll on the citizens of Greece who themselves are not entirely responsible for this economic crisis in the first place. Hopefully something will be figured out and innocent people will be spared any more suffering.