The Eurozone crisis by Claudia Sonea

The euro is getting down following concerns about the financial crisis that hit the countries members of the European Union. Greece is just the first one to have hit rock bottom due to the enormous government deficits and debt levels and the crisis is expected to spread soon and affect especially the southern countries. It should not surprise anyone that the euro got to the lowest rate of $1.31 as new rumors were launched about Spain being on the verge of requesting aid from the European Commission. There is also skepticism regarding the bailout package for Greece taking into consideration that the Greek population has not yet accepted t! he austerity measured that accompany the package. Furthermore, the financial aid might be insufficient for covering the country’s needs. Why do Greek have such a hard time in accepting the measures that are supposed to help them get away from bankruptcy? Mainly, the Greeks cannot accept the austere measures because it means to put a noose around their necks by cutting back pensions, firing people, thus punishing again the ordinary man for the mistakes of the fat and rich politicians. It is no way out of the situation or at least the politicians don’t even bother to come with a plan that would be less tough for the clerks who already had a hard life. In the same boat is Romania, with the exception that we have fewer chances to get such a big package and to actually come out of the crisis with a government such as the one that is currently instated. Don’t click away, this will most definitely have a follow up….!

related story (sgx17300): http://www.france24.com/en/20100513-euro-drops-currency-mark...

by Claudia Sonea for Cantell TV (http://cantell.tv)

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