Greece Must Free From Euro To Survive
Greece, bunged with debts of over USD$ 140 Billion from April 2010, is really running in recession. Apart from Greece, Portugal, Ireland, Spain, and even United Kingdom is reeling in recession. To overcome the threat of bunging out of Euro, the European Union Management will be providing Euro 130 Billion to keep the Greece Economy moving. Euro-Zone Ministers already decided to cut USD$ 51 billion from the debts given to Greece. Greece Government had already started to cut the expenditure before the great move from Euro-Zone Ministers.
What happened to Greece Economy? Public Expenditure was more than the Taxes collected from the Government. Wages rose between 45% to 50% in public enterprises from 2000 - 2007. Conducting Athens Olympics was a debt-ridden act on the part of Greece Government. Tax Evasion was too high and Government was mired by Budget Deficit. Before joining Euro, they were concealing the expenditure and kept it as a top secret which was 3% of Gross Domestic Product. When recession invaded, Greece was totally exposed and got the help from European Union and IMF.
Greece Debt, now is considered to 190% of GDP. They've to bring the debt by 120% by the year 2020. Greece Management will be buying back all the debts, European Union will be giving away the profits earned from Greece economy to keep it sustainable. But the market is contracting faster and will leave the economy in such a situation where it can't come back. Lack of demand, High Unemployment and Falling Living Standards are the fiasco faced by Greece Economy. European Union will be buying Greece Bonds worth 700 Billion Euro. Greece people withdrawn all the money and invested in Banks of France and Germany. Now they will be facing the wrath of value of Greece Currency Drachma.
Now, it's better for Greece Management to face the enigma of recession or leave the Euro. Greece has its own style of economy better than sticking with Euro.
Keywords: Greece Management; European Union Management
What happened to Greece Economy? Public Expenditure was more than the Taxes collected from the Government. Wages rose between 45% to 50% in public enterprises from 2000 - 2007. Conducting Athens Olympics was a debt-ridden act on the part of Greece Government. Tax Evasion was too high and Government was mired by Budget Deficit. Before joining Euro, they were concealing the expenditure and kept it as a top secret which was 3% of Gross Domestic Product. When recession invaded, Greece was totally exposed and got the help from European Union and IMF.
Greece Debt, now is considered to 190% of GDP. They've to bring the debt by 120% by the year 2020. Greece Management will be buying back all the debts, European Union will be giving away the profits earned from Greece economy to keep it sustainable. But the market is contracting faster and will leave the economy in such a situation where it can't come back. Lack of demand, High Unemployment and Falling Living Standards are the fiasco faced by Greece Economy. European Union will be buying Greece Bonds worth 700 Billion Euro. Greece people withdrawn all the money and invested in Banks of France and Germany. Now they will be facing the wrath of value of Greece Currency Drachma.
Now, it's better for Greece Management to face the enigma of recession or leave the Euro. Greece has its own style of economy better than sticking with Euro.
Keywords: Greece Management; European Union Management
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