Greece and Their Ongoing Financial Crisis Today\'s

¶ … Greece and Their Ongoing Financial Crisis

Today's financial crisis has spread way beyond America's borders. Many nations across the globe have found themselves in deep financial hot water. Even the European Union, which was showing such a strong economy, is beginning to unravel. Eurozone countries like Greece are now on the brink of collapse, and so their financial woes are hurting the overall value of the Euro and the state of the European Union itself.

The article by Kyriakidou and Georgiopoulos examines the ongoing crisis within Greece over its failing economy. Prime Minister Antonis Samaras has pledged to do everything in his power to keep the country in the Eurozone, which means that Greece will continue to use the Euro and be involved in the European Union financial environment. This decision comes with a promise to meet all target goals set out in the bail out program that is providing Greece with 130 billion in Euros to keep the economy from collapsing entirely. Still, the Prime Minister is expressing some bad news in that Greece will not be able to meet target goals for this bail out in the time set out originally when the bail out was created. Essentially, repayment on such a short time period will only continue to keep Greece in a tumultuous financial state, says the Greek Prime Minister. Samaras did generate his own plan for economic recovery and growth in order to help smooth over the fact that Greece will not be able to repay the loans on time as previously thought. He wants to make the country easier to work with foreign investments and to increase tax measures on a viable scale that would not harm the Greek citizens too much. Still, his plans will not be able to begin repayment for the bailout on time, and he is begging for more time in order to keep the country afloat.

This message comes only weeks after June 17 elections voted to keep Greece on the Euro, which could have potential consequences for both Europe and the rest of the world. Greece's massive debt is undoubtedly impacting the value of the Euro. It is increasingly contributing to the decreasing value of the Euro on world markets. European Union leaders are wary, as they have already invested billions of Euros in keeping the country afloat, and now that Greece has decided to stay on the Euro, it may just be an ongoing burden to the European Union. With Greece in such financial trouble, it is decreasing the overall strength of the Euro, which had been gaining significantly in the international market over the past decades. This would not only affect the financial status of other countries in the European Union, but others like the United States as well. With the Euro declining as it is still tied to the falling economy of Greece, there is a dismal outlook for the potential strength of the European Union in these volatile financial times.