Greeces Financial Crisis

                     
                                        Greeces Financial Crisis, Gian Sexsmith

The U.S has been going through an economic crisis for a long time now and it’s not only happening in the U.S. Like the rest of the world Greece has been experiencing an intense economic crisis. Greece has been struggling economically since the beginning of summer. Prime Minster George Papandreou said  “The major task of reforming Greece has just begun,”. The Economist.com.  In may Greece received a 140 million dollar rescue package from the UN and the IMF (International Monetary Fund).  Now in Greece “New statistics show that one in three Greeks younger than 24 is unemployed.” The economist.com. There is said to be over 200,000 new jobs being created to help out Greece’s unemployed. The new jobs will have to do with new wind farms and solar plants. The countries current debt is €300 billion while the countries GDP is only at €250,000. On Sunday Mr. Papandreou was criticized and was told that his ambitions were weak and incomplete. On September 8^th Greeces economy shrank by 1.8 %. As said by an article on BBC “The contraction was worse than expected and compares with the 0.8% shrinkage in the January-to-March period.” http://www.bbc.co.uk/ This caused Greeces citizens to keep protesting and continuing strikes. With the economy so bad it might cause Greece to start borrowing from other countries, which inevitably would put them into further debt because that is just more to pay back. Hopefully soon something will come along to help Greece get out of its deep economic battle.