Due to Greece's financial trouble ("trouble" is putting it lightly) the EU must decide whether to continue giving aid to Greece or to kick them out of the EU, both of which could have possibly disastrous ramifications on the Eurozone.
No, that's what happened (I think). Greece borrowed a lot of money for important stuff but they didn't spend it well and they kept asking for more. They were unable to pay EU back and they had to raise taxes. Right now, Greece is under chaos from the riots that erupted after banks started closing and bailing out on everyone.
From what I got is the eu bank stopped lending them money when greece missed a debt payment. The lending came with restrictions ie: "austerity". The govt was forced to cut spending and raise taxes. The Greek people were unhappy. Eu bank and greece are at crossroad right now. Eu wants a payment plan, I think greece wants some debts forgiven or something? Or a more "workable" payment plan. I think that's it?
But people are watching because if greece defaults they're not sure what the consequences are.
Here you go: Greece decided to join the big kids of Europe in the Economics and Finance. The problem, is, the citizens of Greece have turned dodging taxes and bills to an art form. After Greece started playing this game (called Euro Zone), it quickly realized that it had to actually use its own money, and not simply take money from other players in the game. The problem is, Greece has no real money to play this game, and when they are told how to save their money and pay their bills, they throw a tantrum.
Essentially, Greece is a teenager who's being forcibly weaned off an allowance the European parents because they won't clean their own room.
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I know nothing more
But people are watching because if greece defaults they're not sure what the consequences are.
Essentially, Greece is a teenager who's being forcibly weaned off an allowance the European parents because they won't clean their own room.