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.