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what has happened to Greece? Financial problems solved or is it a good time to hide bad news?
6 Answers
- sophiebLv 76 years agoFavorite Answer
I know they received some money, now whether that was from another country as a loan of a QE kind of thing I don't remember, but it's quiet there "for the moment".
- Nandan_MallickLv 66 years ago
over the years Greek Governments had spent way more money than it took in in taxes so it reached a point when it couldn't keep issuing new debt and paying interest on the old debt. As it's part of the Euro, it wanted to borrow internationally - but it was faced with stiff terms - reform the economy, sell Government assets, reduce Govt pensions and wages, and raise taxes - and, very important - collect those taxes efficiently. This requires two things to be successful - a growing economy - so people have jobs and income (to pay taxes again) and Government-led reforms - selling state assets like ports etc. At the moment, Greece has sufficent money to make its interest payments and keep current but it's still in the process of raising taxes and reforming its economy. It's also made more difficult by the delicate state of the economy and its ability to grow. The jury is still out.
- rarguileLv 66 years ago
Long story short - over the years Greek Governments had spent way more money than it took in in taxes so it reached a point when it couldn't keep issuing new debt and paying interest on the old debt. As it's part of the Euro, it wanted to borrow internationally - but it was faced with stiff terms - reform the economy, sell Government assets, reduce Govt pensions and wages, and raise taxes - and, very important - collect those taxes efficiently. This requires two things to be successful - a growing economy - so people have jobs and income (to pay taxes again) and Government-led reforms - selling state assets like ports etc. At the moment, Greece has sufficent money to make its interest payments and keep current but it's still in the process of raising taxes and reforming its economy. It's also made more difficult by the delicate state of the economy and its ability to grow. The jury is still out.
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- Anonymous6 years ago
not sure.
it seemed to drop out of the news when the migrant crisis started
being greek must be 5hit. first eenomic woes making it the shame of Europe and then a go through route for migrants who don't want to stay there because its just as pepper as the 5hit hole THEY cawled out of.
LOL