Greek problems lower Euro by Milota Sidorova

Greece has been sore of EU's eye for weeks. While politicians couldn't decide whether to help the member state, Greek people sent their country into the sleeping mode. For several times this month there has been general strike, paralysing the country. It was the answer to tight mode prepared by Greek government. So far, the government refused to take the loan (by whomever) such as it refused “generous”offer from German lady Merkel to sell some of their islands to cover the money-flow. The government that prepared tough restrictions to people, such as rising tax, freezing retirements, rising the retirement age and block out bonuses aimed to lower national deficit! by several percent by the end of this year. But it seems to be too much on public and labor unions. And it may not be enough.Taken from the wider perspective, no surprise these turbulences would have affected the image and the power of euro and eurozone itself. Some member states suggested Greece should exit the eurozone. The consequences of such action would be disaster for the country – to return to previous currency, the bureaucracy, failure system. By the way, Greece wouldn't be the only adept to leave the zone – so it would be Spain, Portugal, maybe Sweeden and this would be the end of eurozone and its meaning. For now on, the worries sent down the common currency to its 10-month low against the dollar and to its lifetime low against the Swiss franc. Germany that reported it could aid in very specific conditions, required also IMF to set new, more tougher rules on member states. What is Greek and European answer, we don't know.

related story (sgx16851): http://news.yahoo.com/s/nm/20100324/bs_nm/us_markets_global;...

by Milota Sidorova for Cantell TV (http://cantell.tv)

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