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Greece: Portrait Of A Country In Crisis

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Februray 16, 2012 in Athens, Greece. Following a meeting yesterday, finance ministers across the Eurozone are calling for greater scrutiny and oversight of Greece's proposed budget cuts in order to approve the latest 130 billion euro bailout package. The package, which is anticipated to be finalised on February 20, 2012, is essential for Greece to avoid defaulting on a 14.5 billion euro bond it is due to repay in mid-March.   (Photo by Oli Scarff/Getty Images)

Februray 16, 2012 in Athens, Greece. Following a meeting yesterday, finance ministers across the Eurozone are calling for greater scrutiny and oversight of Greece’s proposed budget cuts in order to approve the latest 130 billion euro bailout package. The package, which is anticipated to be finalised on February 20, 2012, is essential for Greece to avoid defaulting on a 14.5 billion euro bond it is due to repay in mid-March. (Photo by Oli Scarff/Getty Images)

Murray Feldman (credit: WWJ) Murray Feldman
Murray Feldman anchors FOX 2 News at 5:30 and is the station’s Money...
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DETROIT (WWJ) – The outcome of today’s elections in Greece could mean a major shift in the world economy if the opposing party wins power.

WWJ Newsradio 950 and Fox 2 Business editor Murray Feldman gives us a snap shot on the country’s crisis.

With a jobless rate  of nearly 23 percent, growing poverty, the country unable to pay its bills, unable to pay interest on loans such as bonds, says Feldman, the European Central Bank agreed to give Greece a fix, a bailout, if they would adhere to severe austerity measures.

That has all been agreed to, says Feldman, however, the election today could determine that another party is going to take over, and if that party wins opposing this financial solution the bailout would be halted – Greece could be on its own and probably would have to leave the Eurozone.

Feldman says the first thing that could happen is a currency crisis. He says the country would have to say goodbye to the Euro and hello to its old currency the drachma.

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