Rhetoric1302-007

March 26, 2010

My Big Fat Greek Bailout

Filed under: Uncategorized — Novak @ 4:33 pm

As Greece’s debt problems intensify, and riots continue to rock that country, there may be a glimmer of hope.  Leaders of the other nations of the Euro Zone (nations that use the Euro as their currency) have laid the groundwork for a Greek rescue.  An agreement was reached between the between the bloc of nations and to provide a last ditch bailout to Greece with IMF (International Monetary Fund) assistance.

A Greek bailout is strongly opposed by members of other European nations notably Germany.  Recently we have seen public demonstrations against the very type of deal that was just struck by that country’s leadership.

On the other side, however, many in France argue that the Euro is the EU’s greatest success and no expense should be spared to protect its value.  Since the beginning of the year, the Euro has dropped 7% of its value relative to the US Dollar.  Clearly a Greek default would have ripples throughout Europe and the World.  So the question is which is the lesser of the two evils?

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