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This is a really interesting interactive time-line that clarifies the European Debt crisis (with an emphasis on Greece). It walks the viewer through the lowering of the ratings, the attempts to slow the crisis and even some social ramifications of the crisis.
Here is the link:
http://online.wsj.com/article/SB10001424052702303950104575185400455300466.html?mod=WSJ_hpp_LEFTWhatsNewsCollection#articleTabs%3Dinteractive
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I found this interactive map really interesting. It is evident that Greece's problems have been going on for awhile and the struggle to keep debt at a reasonable level seems to be a uphill battle as their ratings worsen and the public has become frantic. I almost feel like Greece was trying to be nice and didn't want to ask for money at every meeting between their prime minister and various country leaders and investors. Clearly their policies aren't doing the job.
ReplyDeleteThis was an extremely informative time-line of all of these countries. Greece seems like they are trying to take action on there problem but its almost to little to late. Greece should have asked for a significant loan earlier instead of trying to sell bonds to raise money from other foreign investors. I think they should try and get a loan and just accept that their debt will increase and hope that their economy will come back and in time be able to pay off the debt.
ReplyDeleteLike I mentioned in class, I don't understand why each country in the EU can't chip in a billion if it means maintaining the solvency of the Euro. I thought it was interesting when Spain, despite running a deficit of 10% of GDP said it would lay forth plans to cut this to only 3% of GDP in two years. I think they are assuming they can just gut all government expenditures without the GDP changing at all. Unrealistic if you ask me.
ReplyDeleteIt seems to me that it would be in the best interest of many countries in the European Union to help out these countries in order to save their currency. If Greece gets this bailout money, I believe it should have a few strings attached. In other words they should be forced to revamp many parts within their government and model their behavior off of successful countries in the EU. Simply giving them the money risks the potential for Greece adopting the "rich uncle" mentality.
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