Greece’s troubles have been building up over the past eight - TopicsExpress



          

Greece’s troubles have been building up over the past eight years, during which the country has suffered three recessions and has seen its debt burden rise to a staggering 175% of its gross domestic product of $242 billion. The so-called ‘troika’ of the European Union, the European Central Bank and the International Monetary Fund put together two bailout packages in 2010 and 2011 totaling 240 billion euros ($285 million), and a third package of an estimated 17 billion euros ($20 billion) is in negotiations. Amid all that, the country hurtled into an early general election after its parliament last week rejected Prime Minister Antonis Samaras’s presidential nominee. In the U.S., the Dow fell more than 300 points that day, driven by the resulting uncertainty in Greece and oil prices hitting new lows. With opposition party Syriza leading in the opinion polls, a ‘Grexit,’ or a Greek exit from the eurozone, seems a strong likelihood.
Posted on: Fri, 09 Jan 2015 20:12:25 +0000

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