Friday, October 29, 2010
An economist says the US bailed out Greece to make sure that the European country could pay the profits of foreign banks.
Greece's debts are in excess of 300 billion euros, and the country has a budget deficit of 13 percent.
Only in this year alone, it is spending 13 billion euros on the interests of its debts. That is more than it is spending on its justice system, education and police services combined.
In a bid to tackle the economic crisis, the government is cutting wages, and slashing benefits, while unemployment is on the rise.'
Posted by DotConnector at 08:50