Greek Debt Tragedy: 'Slow Agonizing Death of the Euro'

June 21, 2011 from Russia Today

The Greek Prime Minister is facing a crucial confidence vote in parliament. It will determine whether he'll be able to secure another injection of cash from the EU, and save the country from plunging into deeper crisis. On Monday, EU finance ministers piled further pressure on Greece. They gave Athens two weeks to pass fresh budget cuts and tax increases, conditions that must be met to secure a previously agreed installment of 12 billion euros. MEP William Dartmouth, whose UK Independence Party wants Britain out of the EU, says the uncertainty over the next payment for Greece, is understandable.

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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

Euro

The euro is the currency used by the Institutions of the European Union and is the official currency of the eurozone, which consists of 17 of the 27 member states of the European Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxemb... 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

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

George Papandreou

Georgios A. Papandreou, commonly anglicised to George and shortened to Γιώργος in Greek, is a Greek politician who served as Prime Minister of Greece following his party's victory in the 2009 legislative election. Belonging to a political dynasty of long standing, he previousl... 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

European Union

The European Union is an economic and political union of 27 member states that are located primarily in Europe. The EU operates through a system of supranational independent institutions and intergovernmental negotiated decisions by the member states. Institutions of the EU in... Explore this topic

UK Independence Party

The UK Independence Party is a Eurosceptic right-wing populist political party in the United Kingdom. The party describes itself in its constitution as a "democratic, libertarian party". UKIP currently has 11 of the 73 UK seats in the European Parliament following the 2009 ele... Explore this topic

Russia Today

RT, also known as Russia Today, is an international multilingual Russian-based television network. It is registered as an autonomous non-profit organization funded by the federal budget of Russia through the Federal Agency on Press and Mass Communications of the Russian Federa... Explore this topic

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