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 | The adrenaline rush of spectators in red promise to raise the driver’s car stunt “Stunt Show Motor” on “3rd PICK BP Ultimate”, conducted in Patras. (PHOTOS) |
[In Focus] # 697 Greek Default Fears-The economic turmoil that shook the global economy in 2008 led to the European financial crisis. The debt-to-GDP ratio in the Euro zone had stood at 66.1% in 2007, but the figure skyrocketed to 84.2% by 2010. With its economic crisis worsening since November of 2009, Greece became the first Euro-zone country to seek emergency relief aid from EU / IMF. The country, which had already been sitting on debt due to the government’s lax financial management, saw increase in welfare payments due to growing unemployment. In the end the excessive welfare expenditure resulted in ballooning budget deficit, leaving the Greek government no choice but to seek help from the international community. Western European countries attempted to keep the Greek economy afloat by providing loans of some 110 billion Euros in 2010, and another 109 billion Euros in 2011, but the troubled country is yet again teetering on the brink of default. Fears are rising as the situation will inevitably lead to an economic turmoil in all of Europe, which in turn will also threaten the global economy. 1. Current Situation in Greece 2. Effects of Relief Loans to Greece 3. Events Leading Up to Greek Default 4. If Greece Declares Default 5. Other Nations’ Responses 6. Greece’s Possible Eurozone Exit 7. Global Efforts to Prevent Greek Default 8. Effects on the Korean Economy 9. Korea’s Countermeasures 10. Possible Solutions to the Greek Crisis 11. Lessons from Greece Video Rating: 0 / 5