Word: greek
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...recent decades, every Greek government has entered office vowing to clean house and crack down on the twin scourges of tax evasion and corruption. But during the years of plenty there was little external pressure for the country to mend its ways. Now, with Greece's public debt ballooning out of control and Greece accused of putting the integrity of the euro at risk, the stakes are higher. Greece must cut spending and raise more revenue or risk defaulting on its debt. (See pictures of the global financial crisis...
...head of the European Central Bank - had reached an agreement, the leaders then passed the issue over to their subordinates to hammer out the details. There was no call for an emergency bailout or help from the International Monetary Fund. Instead, the 27 E.U. members promised to underwrite the Greek economy through loans, guarantees and other measures, so long as Athens maintained a tight austerity program. (See pictures of the global financial crisis...
...Rompuy was also stern about what was expected from Greece: it must reduce its budget deficit (which now exceeds 12.7% of GDP) in an "effective and determined manner." Athens now faces stringent oversight as it attempts to balance its finances: after years of receiving dodgy statistics from the Greek authorities, the E.U. is insisting on a direct role in monitoring the nation's recovery plan. And next week, E.U. finance ministers are expected to formally demand the steps Greece needs to take to reduce its deficit by 4% this year. (See more about the E.U.'s bailout of Greece...
Nonetheless, it was unthinkable that the E.U. would sit idly by and watch Greek finances crumble a mere 11 years after the euro's birth. European leaders are keenly aware that the crisis is not restricted to Greece. If the nation were allowed to default on its debts, the bug could spread to other highly indebted euro-zone economies, like those of Spain and Portugal. At that point, economists have said, the euro itself could be endangered. But the E.U. sent a message on Thursday that it was not about to let that happen. Now it's banking...
...Although polls show that Greek Prime Minister George Papandreou still has broad support for his economic plans, with about 65% of Greeks agreeing that painful measures are necessary to slash the deficit, many of the street protesters said they did not believe the government claims that it had run out of money. Others argued that it was the rich who should pay. "It's a crisis caused by the capitalist system," said Sissy Vovou, a 60-year-old pensioner. "Those who should pay are the capitalists, not the working classes...