Greek Tragedy by Claudia Sonea

After the financial crisis left the American shores, it has landed in Europe devastating everything in its path. Among the first countries to collapse was Ireland, but the worst case ever is that of Greece-politicians bringing it on the verge of bankruptcy. If in US the bailout packages proved to be a rescuing solution, why wouldn’t bailout plans be successful in Europe too? The difference between USA and European Union is that of unity. Indeed the Americans are united, while in EU, the countries keep their national interests above everything and they try to get the best offers for them. It’s been a lon! g time since the European Union was founded, yet the euro has not been adopted in all countries (i.e. the Brits refuse to replace their pound). In order to regain confidence in the “euro” as currency and in the union, there is much need for a single currency across all EU countries members. Now all eyes are on Greece and whether the 750 billion euro package will save not only the country, but also the future of the euro. A first loan of 14.5 billion euros has already been handed to the country’s government. The question that remains is whether the Greek politicians will put aside the greed and actually use the money to get the country out of the terrible crisis. There is also the downside of the fact that European nations took too long to respond. Will Greece actually get back on track or should we worry that it will be for Europe just like Lehman Brothers was for USA? Stay connected and you w! ill find out more…. !

related story (sgx17355): http://www.france24.com/en/20100519-euro-greece-financial-cr...

by Claudia Sonea for Cantell TV (http://cantell.tv)

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