Now for those of you who don’t know, Greece has been in a huge heap of financial trouble in the last few years mostly because of the American financial crisis. All of those bad loans that American bankers made that they sold overseas, well most of them went to Greece. Here’s the bigger problem, JUST BEFORE the financial crisis broke, Greece joined the Euro Zone. As a member of the Euro Zone, the economies of all the countries in this zone are tied together. These are countries like France and Germany. Now Greece’s finances have hit a nosedive, five years in a recession with a 50% youth unemployment rate. Greece was bailed out by the major Euro Zone states, think the car manufacturers bailout plan, without the ability to promise a return on their investment. Greece just had an election and voted in the New Democracy party, headed by Antonis Samaras. Samaras has pledged to swiftly form a government and plans to meet with Greek President, Karolos Papoulias at 12:30 pm (0930 GMT) today. What is this new government, the people of Greece, the Euro Zone, and the world looking for? First will Greece stay on the Euro? Secondly, will a new government be formed quickly? Third, how will Greece keep up with the Bailout timeline? And lastly, will there be results? This new government confirms every intention of staying on the Euro. And the powers that be with the bailout plan are willing to work with the bailout timeline, due to the elections, because they don’t want the people to suffer. Basically any government that is in Greece right now will be hated because they have to make tough decisions that will affect people’s lives and pocketbooks. There is no way to know how all of this will turn out. Every person knows that the people need jobs and food, and yet with the demands made in the bailout plan I am afraid of what will happen next. We shall see what will happen but I would be surprised if there is a new government in two or three years.
Greece’s New Government Needs Bailout Coalition