Complex path to Greek bailout agreement

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for greece to avoid a so-called uncontrolled default on its debts a massively complicated web of agreements still has to come together They involve the Greek government and opposition parties the european Commission the european Central Bank the international Monetary Fund the investors who have bought government bonds from Athens euro Zone finance ministers and parliamentary committees in germany and Finland The europeans Commission President Jose manuel Barroso warned the cost of a default by greece and the cost of greece possibly leaving the euro would be much greater than the cost of continuing to support Greece greece must also agree to undertake in a clear way without ambiguity to make the necessary changes which I accept are hard but which will bear fruit in the medium term Among the sticking points to agreement are the demands that in return for another bailout greeks must accept further cuts to the state run pension system to make it more financially viable more layoffs of government employees and slashing the minimum wage Another problem is that the countries banks bought a lot of Greek government bonds and because they will lose so much money on those the banks will need to be propped up with public money which Athens doesn’t have and which to brussels and the INF smacks of nationalization

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