Eurozone breakup

Eurozone-breakupThe European Union is giving ultimatums to the countries that are in crisis telling them to cut expenses and increasing competitivity. Since 2010 Greece, Ireland, Portugal and Cyprus have received monetary helps from the EU, the IMF and the European Central Bank (they are friendly called “Troika”).

There were disagrees and some controversy regarding what has been done since today, as countries still losing money. Plus there were complains about what Greece, Portugal and Ireland did (or didn’t) to try to recover from their respective debts. Crisis is so big that in the past someone started to talk about a “Eurozone breakup”, in other words the event in some country leaves the euro. Now this risks seems only a bad nightmare.

To avoid that, the European Union is working so hard to help all countries in difficulty by giving them what is so called the Eurozone bailout (money) and enough time to pay the debt back. When the EU have seen the need to help a country, all the 17 eurozone countries gave help.

Other than Greece, which received the highest amount of money in terms of monetary help since the beginning ot the crisis, other countries who also received money are Ireland (it receives 17.7 billion of euros) and Portugal (it receives 26 billion of euros).

How to solve the European crisis? Unfortunately, no one knows the recipe. Leaders agree that, to fight crisis, recovery is needed. It necessarily go trought crisis and let economies start to grow.

Leave a reply

Your email address will not be published.

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>