Friday, March 26, 2010
Saving Greece
Greece, in dire need of aid, will be getting help from the IMF, France, Germany and other euro zone countries. The funds are not only open to Greece, but all euro zone states as long as there is unanimous approval. The loans are at "non-concessional" rates in order to lure hibernating investors into the market. Of course, with such a huge payout, there are cries of implementing stricter regulations in the management of deficits so a crisis like this does not repeat itself.
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This is certainly a good approach not only to save the Greece economy but to save the whole EU and importantly euro. But the question that strikes at the first hand is how did the deficit take place in the first place? And how reluctant or in other words how strict is the Greece government going to be for implementing the bail out project. This should be a good reinforcement but the whole recovery depends on how the bailed out money is going to be spended.
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