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1/18/10

Greece does not have its economy in order - by Aofe White

Worries over Greece's swelling debt will dominate two days of talks between European Union finance ministers, starting Monday, as the euro fell to a 10-day low against the dollar.

Greece is trying to assure financial markets — and other EU governments — that it will reduce debt with a program of deep spending cuts and higher taxes.

It is aiming to bring its massive deficit down to an EU limit, one of the few actions the 16 nations that use the euro can take to coordinate their economies — and underpin the stability of the euro.

Greece's ability to manage its debt crisis is being called into question by markets, which see a higher risk that the government could default or need to seek a bailout — the first in the eurozone — from reluctant richer nations such as Germany.


For more: Greek debt trouble weighs on finance ministers - USATODAY.com


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