Friday, April 23, 2010
Greece Aid Plea Lifts European Stocks
Greece's prime minister requested the activation of a joint European Union-International Monetary Fund rescue package, making it the first euro-zone bailout in history. As a result, European stocks rose. Despite this relief, there is speculation that Greece's move to tap the aid package merely opens the door to more problems. Should the European Union continue to bailout Greece?
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While it is possible that bailing out Greece sends the message to other European Union countries that if they get in trouble, they will bailed out to, Greece still needs to be bailed out. The economic ramifications of leaving Greece to struggle with its debt on its own are too large.
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