Greece Suffers as Europe's Financial Crisis Festers

August 29, 2012 from Voice of America

While the world's attention was diverted by the Olympics, the war in Syria, and other news over the summer, Europe's economic crisis has continued to fester. VOA's Al Pessin reports that some experts say the situation is getting worse and requires immediate and strong action that leaders do not seem ready to take.

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Greek government-debt crisis

The Greek government-debt crisis is one of a number of current European sovereign-debt crises and is believed to have been caused by a combination of structural weaknesses of the Greek economy coupled with the incomplete economic, tax and banking unification of the European Mo... Explore this topic

Antonis Samaras

Antonis Samaras is a Greek economist and politician who has been Prime Minister of Greece since 20 June 2012. He has been leader of New Democracy, Greece's major conservative party, since 2009. Previously, Samaras served as Minister of Finance in 1989, then as Minister of Fore... Explore this topic

European sovereign debt crisis

The European sovereign debt crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties. In 1992, members of the European Union signed th... Explore this topic

Global Financial Crisis

The financial crisis of 2007–2008, also known as the Global Financial Crisis and 2008 financial crisis, is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It resulted in the threat of total collapse of large financial ins... Explore this topic

Austerity

In economics, austerity describes policies used by governments to reduce budget deficits during adverse economic conditions. These policies can include spending cuts, tax increases, or a mixture of the two. Austerity policies may be attempts to demonstrate governments' liquidi... Explore this topic

Greece

Greece, officially the Hellenic Republic, is a country in Southeast Europe. According to the 2011 census, Greece's population is around 11 million. Athens is the nation's capital and largest city, its urban area also including Piraeus. Greece is strategically located at the cr... Explore this topic

Athens

Athens is the capital and largest city of Greece. Athens dominates the Attica region and is one of the world's oldest cities, with its recorded history spanning around 3,400 years. Classical Athens was a powerful city-state. A centre for the arts, learning and philosophy, home... Explore this topic

Eurozone

The eurozone, officially called the euro area, is an economic and monetary union of 17 European Union member states that have adopted the euro as their common currency and sole legal tender. The eurozone currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France,... Explore this topic

European Union

الاتحاد الأوروبي هو جمعية دولية للدول الأوروبية يضم 27 دولة، تأسس بناء على اتفاقية معروفة باسم معاهدة ماسترخت الموقعة عام 1992 م، ولكن العديد من أفكاره موجودة منذ خمسينات القرن الماضي. من أهم مبادئ الاتحاد الأوروبي نقل صلاحيات الدول القومية إلى المؤسسات الدولية الأوروبية. لكن ... Explore this topic

Economy of Greece

The economy of Greece is the 32nd or 37th largest in the world at $312 or $309 billion by nominal gross domestic product or purchasing power parity respectively, according to World Bank statistics for the fiscal year 2009–2010. Additionally, Greece is the 15th largest economy ... Explore this topic

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Greek government-debt crisis

Antonis Samaras

European sovereign debt crisis

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