Greek Crisis

The situation in Greece, is that apparently, for years, as reported by the European Commission, successive Greek governments made up their public accounts for being admitted to the European currency, falsifying data to hide the substantial budget deficit.

The data from Greece are shocking: the public debt to 90%, adding up 300,000 million euros, with a budget deficit of 13%, the highest in the Eurozone, while wages and prices, according to Eurostat, increase more than in the richest and most competitive countries in the EU.

France is ready to help Germany, his former political opponent and current rich partner in the European Union, to implement the economic rescue plan expected to save Greece. But not at any price. The conservative government of Prime Minister François Fillon will not hesitate to stop the aids if Greece doesn’t accomplish the conditions to maintain the support and ensure the return of the approved financial injection by Paris.

However, Paris doesn’t feel confident about helping a poorer country and, in the words of the Minister of Economy and Finance, Christine Lagarde, "in recent years has not done its homework by changing macroeconomic accounts and reaching unbearable limits accumulation of public debt.”

References:

Lorena Ratto, February 2, 2010. Grecia y su crisis.Retrieved May 13, 2010, from: http://www.finanzzas.com/grecia-y-su-crisis

David Martinez. May 2, 2010. Francia se une a Alemania en el tono duro con Grecia. Retrieved May 13, 2010, from: http://www.lavanguardia.es/economia/noticias/20100502/53920031796/francia-se-une-a-alemania-en-el-tono-duro-con-grecia-paris-atenas-fransois-mitterrand-nicolas-sarkoz.html