Greece: Portrait Of A Country In Crisis

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.

More from Murray Feldman
Comments

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Detroit

Best 4th Of July Concerts In Metro DetroitStaying home this weekend? Celebrate the 4th of July by rocking out at one of these shows.
Hump Day Drinks: 8 Cheery Cocktail RecipesNow that you've made it through half the work week, it's time to celebrate!

Watch & Listen