Greekanomics

Terms:



International Monetary Fund (IMF): the international organization that promotes stability between international currencies. It also allows partner countries to borrow in order to balance deficit in their country. this organization was created by the United Nations.

Bild Newspaper: A newspaper in Hamburg, Germany.

Eurozone: a geographic and economic region that consists of all the countries in the European Union. This countries also have the euro as their form of currency.



Here is a follow-up on a past blog I wrote about Greece and their mounting debt. Over the weekend I read another article on Greece. George Papaconstantinou, Minister for Finance of Greece, explained Greeece will recieve help with fuinding it's debts and should face no problems. However, Greece's debt have "undermined the euro." But Greece is determined to settle their dept for the better of the country and Eurozone. The Eurozone will provide ewmergency loans in the first year and then some backup from the International Monetary Fund. Greece expects that they will need money before May 19th. Papaconstantinou explained that "we are all confident that this will be done in time and we will be able to continue to fiance Greek public debt without any problem." As for the Greek people, Papaconstantinou said they were "courageous" and not going to give up as many other countries expect.
Not everyone is as optimistic as Papaconstantinou. French and German politicians have concerns about the debt. The French expressed that they would "come down hard on Greece" if they did not "act responsibly." German politicians also stated the aid that they give to Greece will not be used in vain, yet many Germans feel opposed to giving aid to Greece.
I predict that Greece will be able to lessen their debt. However they will have to rely on more than just aid. Also getting rid of the debt will take a while, but I think they will be okay. I do believe that the German people do have a reason to have some opposition. Times are hard right now, and the all the world economies are being hit. Greece will have to take care and make sure the money goes to good use, but only time will tell.