Last week in class we watched a video poking fun at the Euro Zone’s current situation in the Debt Crisis. In reality, it is not a laughing matter – especially if you’re a finance minister of a Euro Zone country. Greece, which is currently the centre of attention in this matter, came up in the news again today.
Nations using the Euro
Leaders of organizations such as: the European Commission, the European Central Bank, and the International Monetary Fund, are being cautious about how they are going to handle Greece’s bailout. According to the New York Times article, Greece’s government does not have a great ability to adapt to severe structural changes financially. Finance Ministers from Euro Zone nations want concrete reassurance that Greece will be able to pay back any aid it receives.
It is clearly not the best time to be a member of Greek government at the moment. This nation is in an utter mess financially; however, the longer it takes to bail Greece out the worse their situation gets. In turn, this drags down the other Euro Zone nations that gave loans to Greece in the past.