- Greece owes a lot of debt and is on the verge of defaulting (not being able to pay)
- The International Monetary Fund, the European Central Bank and the European Commission offered Greece a bailout of about 130 billion Euros (roughly 160 billion American)
- In order to get this money to "save" the economy from collapse, the government was forced to introduce a new austerity plan (fancy way of saying: cuts to spending)
- 15 000 government jobs would cease to exist & the national minimum wage will be reduced 20%
What you see happening in Greece is only a beginning. Today, Spain & Portugal both had their credit ratings downgraded. Make no mistake, the economic woes in Greece are just the tip of a large iceberg of economic crisis. The bailout package will only serve as a delay of an inevitable default. How do they expect to "create" enough income to pay back that loan when they are cutting 15 000 jobs & the people earnings by 20%? The math just isn't there and unlike people, the math is never wrong.
Take warning from this as the repercussions from a European economic crisis will be felt around the world. America will be hit harder than 2008 & make no mistake my fellow Canadians, we will know what it feels like to experience recession. No foreign deals with China will brunt the blow from a collapse of the Euro itself.
Regardless, in world so wrought with greed and deception you should always be careful where and how you keep your money (though suffice to say in a real depression your money would be valueless). Humanity is at a pivotal point in its existence right now. There are many evils which threaten us, yet many people who are now standing up to face these evils. It is a great time to be alive; to be able to watch history as it unfolds. I wish my brothers and sisters of Humanity in Greece all my love and solidarity. I hope their injustice is soon rectified.