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Greece gets help
The International Monetary Fund (IMF) and the European countries have decided to grant Greece loans in the amount of 100 billion Euro over a three-year period. In order for Greece to receive the loans, they must implement extensive savings measures in the public sector to bring the budget deficit under the 3% threshold by 2014.
The deficit is currently 13.6%. Greece's Prime Minister Giorgos Papandreou says it is a matter of national survival or national destruction. The savings plan must be implemented, but the proposal is sparking strong protests among the people of Greece. The fact that the EMU area needs to ask IMF for help is a political blow for Europe, as China and the US will now be able to exert some influence through IMF in the handling of European crises.
Hans Nyman
Automotive Sweden
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