"EU ready to help Greece on debts"

vocabulary!!



Eurozone- The collective group of countries which use the Euro as their common currency. The Eurozone came into being in 1999, and originally consisted of 11 countries. As of 2009, 16 countries were part of the Eurozone. The Eurozone does not include every country in the European Union, and does not include every country who is using the Euro (to become part of the Eurozone, the country must use the Euro as its sole legal currency). As a currency union, monetary, and rules are created and maintained by the European Central Bank.



Regional aid- Money given by a government, the EU etc to particular areas to help their economic development.

blueprint- A model or prototype.
To lay a plan for.



http://www.investorwords.com/5555/Eurozone.html
http://lexicon.ft.com/term.asp?t=regional-aid
http://www.thefreedictionary.com/blueprint

In my last blog, I talked about how Greece's economy was tumbling down and they would probaly have to receive aide from the EU. Greece is part the the eurozone and its deficit is at 12.7 % more than four times higher than what the eurozone allows. The EU leaders have said that they are prepared or ready to actto help fix Greece's finances and to ensure financial stability in the eurozone but still have not made a specific promise as to how they were going to help. Herman Van Rompuy, president of the European Council stressed the fact that Greec had not asked or begged for any help, he wanted to make sure that people knew that the EU offered. Greece has support of their government and their committment to do whatever is necessary to help save their economy. The summit statement also encourages Greece to reduce the budget deficit by 4% in the year 2010. Angela Merkel, German Chancellor said that once again the support Greece but they must remember that there are certain rules that must be adhered to. Details of any EU help for Greece may not come about until Monday, February 15,2010. ( This is when the finance minister swill meet together to deliberate.) Mr. Van Rompuy will have to face a big task since he wants the summit to focus primarily on a new strategy for jobs and economic growth with a blueprint for the next ten years. This would replace the Libson Strategy which was launched in March 2000. It was aimmed at making the European Union the most competative economy in the world and acheiving full employment by the year 2010. It rested on three pillars including economic, social, and enviormental pillars. The purpose of this blueprint is to make a long-term recovery and growth and it would be entitle Europe 2020. The EU rules prevent the eurozone from helping to bail out Greece, but the debt crisis that they have had has made it a necessary action. There is still of course doubt of where the aid would come from to help Greece. The taxpayers? Whowould come up with it? To help Greece get back on track, there has been a Greek Austerity Plan :
1) Cut budgetbelow EU ceiling of 3% of GDP by 2012
2) Freeze public sectors & no $$ bonuses
3) Raise average retirement age
4) Raise taxes on fuel, tobacco, alcohol, & property
5) replace 1 in 5 people leaving civil service

This has angered Greek trade unions, but it is estimated to help their economy. I predict that once the eurozone meets they will come up with a means of where to come up with the money most likely from the tax payers of their countries to help support. I still think that Greece will take the regional aid since they truly do need it and probaly without it will suffer and probaly might not be included in anymore innovating plans of the eurozone since they do want to be ultimately one the best economies in the world !!!

http://news.bbc.co.uk/go/pr/fr/-/2/hi/europe/8508688.stm