The Greek economy is facing some difficult times. They are currently cutting budgets and facing massive cuts to meet austerity measures. Citizens are not taking these cuts lightly, and there has been revolt within the country. The job market has taken a big hit, with recent unemployment numbers hitting 26.8% - the highest in the European Union. Despite the high unemployment number, many people foresee the figure rising due to more spending cuts this year.
Article: http://www.bbc.co.uk/news/business-20968845
1 comment:
Obviously, in the United States people are or have been severely worried about our economy and about how high our unemployment rate is. We look like we are doing great compared to Greece. I don't think Greece is going to change their economic system too much due to their unemployment rate because it is not a change in population or technology, but what are some options for it's government.
The government has the ability to have a huge role in either continued demise or starting the rebuilding process. It is an impossible decision to make, does the government continue cutting spending and losing more jobs or spend money that they do not have in order to try to save jobs.
How exactly did Greece get into this pickle? It seems, from what I've read, they there are not a lot of options for private companies or for the government to improve their economy. Every change or attempt end up not improving the situation.
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