Greece name Papademos to lead salvation coalition.Nov 10 , 2011 Athens (Reuters) Greece named for leader to save the government and country from bankruptry and from euro zone. Greeks to unite behind him after months of divisive politicking , he sets securing a bailout from European union that will impose hardship on a naion.Panademos said ” The Greek economy is facing huge problems despite the efforts undertaken”. The EU’s top officials== also facing a similar political and on financial markets. The coalition had the specific task of implementing $ 170 billion deal with the euro zone. Papademos can impose tough austerity required by the bailout deal on a Greek people who have already staged a wave of strikes and protests against budget cuts and higher taxes.
Over the last decade, Greece went on a debt binge that came crashing to end in late 2009. Greece has relied on a package of $110 billion , or $152.6 billion. Agreed by its richer European neighbor in May 2010. It cut the pay of its public worker’s and quarter of the work force. Papandreou discovered the full extent of the deficit after taking office Nov 2009, the debt caused turmoil both within the Greece and across the continent.
Through out 2010 and 2011 investors continued to demand ever higher interest rates for Greek borrowing as the market appeared to conclude some sort of default was inevitable. Later the country received a measure of potential relief, European leaders obtained an agreement from banks to take 50 percent loss on the face value of Greek debt. Because loans from international monetary fund and European central bank would not reduced, the plan would bring Greek debt down by 2020 only to 120 percent of the nation gross domestic product. The plan was greeted with anger by many Greeks, to be fed up with dictation by Germany and France . Papandreou shocked Europe’s leader by announcing that a referendum would be held on a package. This was a last resort move by the prime minister.
The days later Papandero revered himself and called off the referendum. The opposition leader had agreed to back the plan.
What is going on in Greece will affect everyone around the world. Todays news is very important , we need to know whats going on around the world. The world seems to help each other in any bad situations. But some countries don’t what to help from the past, like china I watch a video tape on the what they were saying about helping the Greeks. Cause back then china did have a lot of money now today they have a lot of money the Greeks what’d their help.But most countries what to help the Greeks, and I think the Greeks spend too much money that s why they are in a crisis.