Wednesday, 8 April 2009

Greece close to bankruptcy

It looks like we can add Greece to the list of countries facing bankruptcy although the global recession has yet to hit the country with full force. The German magazine Der Spiegel reports that the Government can no longer pay its bills. Strikes are paralyzing the country and the EU is putting on the pressure to get the Government to start living within its means after exceeding the euro zone budget deficit limit of 3 percent for the third time in a row. EU statistics show Greek government debt amounts to 94 percent of the country's gross domestic product with Italy the only other euro zone country which has a higher level of government debt. 
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