The Greek economic crisis continues to make headlines as Prime Minister George Papandreou attempts to maneuver the governments contentious “austerity” bill through the Greek parliament. As predicted, protests against the government’s plan to deliver nearly 30 billion euros in spending cuts and tax hikes have grown in intensity and the fear is that the debt crisis will not be contained within Greece’s borders. Portugal’s credit rating has been reduced to “junk” status and Europe’s banking system is dangerously exposed to massive amounts of questionable debt. The very future of the Eurozone hangs in the balance.
Published by Oanda