Greece 'should not get bail out'

Vocabulary !!

financial market- A market for the exchange of capital and credit, including the money markets and the capital markets.

gross domestic product- The total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

deficit- The amount by which a government, company, or individual's spending exceeds its income over a particular period of time.

http://www.investorwords.com/1953/financial_market.html
http://www.investorwords.com/2240/Gross_Domestic_Product.html
http://www.investorwords.com/1371/deficit.html


Greece is now facing their second year of a recession and more and more buisnesses have lost their faith and confidence. The causes of this recession include violating rules, cheating on figures, financing consumption, and public and private by huge debts. Things have gotten worse since their prime minister George Papandreou announced that there would be pay cuts and higher taxes on gasoline !! He even warned on national tv that many Greek households would face pain and harder time in the future and that indeed they have. Gree's rising debts have hit the euro along with the European financial markets. A man named Otmar Issing who is a founding member of the European Central thinks that it is a bad idea to 'bail' Greece out and it might encourage the Greeks to stop trying if they see that help is on the way. Many reports say that helping the Greeks would ameliorate the financial markets significantly. They think that without help, Greece will be doomed !! The Europen bond markets should be very cautious in their decision making so that they could not be blackmailed. It is a very low ratio of Greece rejecting the help, but if they do it is described to be committing "economic suicide." EU rules state no nation in the euro bloc should have an annual budget deficit 3% higher of its GDP. Greeks public debt stands at approx. 300bn euros, and the gorvernment plans to decrease to 9.1% (12.7 down from last year) but many think that this will be nearly impossible to pass this budget, since it calls for such huge public spending. I predict that Europe will give in and help 'bail' Greece out of this troubling time. Of course , i believe that they will create some type of negotiation as they will not being doing it solely on the kindness of their hearts. If they are offered this help/aid then I think Greece will take the help otherwise nothing will get solved and and things would probaly get worse especially they are setting such high/ unrealistic standards for their country!! :)

http://news.bbc.co.uk/go/pr/fr/-/2/hi/buisness/8494187.stm