Conditional Aid Offer Extended to Greece

Germany and France have agreed to help Greece out of its financial crisis. A conditional offer to acquire 20-30 billion euro of debt has been extended; half of this debt will go to France and Germany and the other half to private market debt investors.

Greece's debt deficit is 12.7%, which is four times the limit of debt for European Union countries. In order to accept the aid, Greece must agree to lower their deficit by at least four percent by cutting public spending. This condition will require the country to cut spending by 64 billion euro. There have already been civil servant strikes in Athens over these spending cuts, and the protests are continuing. Civilians are not taking the wage freezes, tax increases or bonus cuts very lightly.

EU countries whose debt deficit increases over the 3% limit are supposed to be kicked out of the European Union. But decisions like these can have severe consequences for international relations, so it is better for fellow EU countries to lend a hand.

Internet Users in Greece--Access to Global Communication

Rank	Country	Internet Users
...
40	Hungary	5,873,000
41	Switzerland	5,739,000
42	Philippines	5,618,000
43	Chile	5,456,000
44	Denmark	4,579,000
45	Portugal	4,476,000
46	Finland	4,383,000
47	Greece	4,253,000
48	Sudan	4,200,000
49	South Africa	4,187,000
50	Hong Kong	4,124,000 FULL CIA WORLD FACTBOOK CHART

The above chart is a ranking of the total amount of people within a country which access the internet. As one can see, Greece ranks 47th within the top 50 nations. Greece ranks relatively low, when compared to fellow European Union countries. For example: Germany, 6th, United Kingdom, 7th, Italy, 14th, and Belgium, 34th. Furthermore, they rank lower than some non EU countries such as: China, 1st, United States, 2nd, India, 4th, and Iran, 17th. However they did fair better than some EU countries, Bulgaria, for example, was ranked significantly lower at 72nd.

This data provides us with insight on Greece's influence upon global news media when compared to other nations. Though Greece is a member of the EU and a relatively developed nation, they still have little presence on the internet when compared to other EU countries. With the internet being a dominant portal to global communication, Greece's lack of internet presence affects its influence over other nations, and other nations influence upon it. Perhaps this lack of influence has helped Greece preserve its rich culture and language.

Civil Servant Strikes

Civil Servants protested in Athens last week against the implications of their current financial crisis. Under the pressure of other European Union countries, Greece cut its budget deficit by freezing salaries and raising taxes hoping not to fall $28 billion dollars in debt in the next couple months. The protest, held by people employed in a civil service, was very mild considering the direct implications of these budget cuts. These citizens are frustrated that their income has to be compromised for this financial crisis that they did not cause. Implications such as the salary freezing and tax raising put upon the strikers will be beyond necessary to save the financial standing of the country unless another European Union country decides to help Greece out.

Though the other European countries say that they will aid Greece in order to protect the Euro, none of these countries have given any details as to what their bailout strategy will be. Germany, the European country with the best economic standing, is becoming more and more reluctant to come to Greece's side. Until a bailout plan is set in motion, Greece is left to fend for themselves.

Financial Crisis In Greece

Greece has recently made U.S. news concerning its current budget plan, extreme debt, and their implications on the euro. Greece's budget deficit reached 13 % of GDP (gross domestic product) in 2009, and plans to change that to 3% of GDP by 2012. This budget plan includes major spending cuts and boosting tax revenue. The dramatic change in financial planning has posed extreme concerns for the country's poor economy. With major spending cuts there can come a lack of growth, leading to lower tax revenue. Greece's financial crisis also has the potential to damage the status of the euro, the currency which it shares with several other European Union countries. The exchange rate of the euro is currently $1.377 , a low largely influenced by the crisis in Greece.

EU leaders are scheduled to meet tomorrow(2/11) and a bailout for Greece seems to be the primary concern. Both France and Germany are negotiating a budget plan to help resolve Greece's financial problems. Germany has suggested guarantees of loans, but no plan is set in stone just yet.

Unfortunately, many people in Greece have already been affected by the spending cuts. Schools, courts, and public offices have been closed due to striking of citizens.

Above is Greece's Finance Minister George Papaconstantinou announcing the new budget plan for the country.(photo from NY TIMES)

VIDEO: Greece announces financial crisis.

New York Times

Popular Television in Greece

Here are the websites of the popular private and public television networks in Greece. There are some schedules of TV programs and links to different media on the sites.

Private: NOVA

Public: ERT

Some Background Information about Greece

GREECE! No...not what your bacon is covered in. Greece is a beautiful European country filled with rich culture and a complex history.

Greece is also known as the Hellenic Republic, or to the people of Greece: Hellas. Its capital is Athens, and national language is Greek. Greece is a peninsula in southeastern Europe, surrounded by the Ionian Sea, Mediterranean Sea, and Aegean Sea. The country is divided into thirteen peripheries: Attica, Central Greece, Central Macedonia, Crete, East Macedonia and Thrace, Epirus, Ionian Islands, North Aegean, Peloponnese, South Aegean, Thessaly, West Greece, West Macedonia, and a fourteenth autonomous area called Mount Athos.

Formerly apart of the Ottoman Empire, Greece won its independence in the Greek War of Independence in 1829. Today, Greece is a parliamentary republic. Leading the country is current president Karolos Papoulias, who was elected by the parliament. Though the position of president is mostly ceremonial, the majority of the power goes to the Prime Minister, the current one is George Papandreou. New Democracy and Panhellenic Socialist Movement or PASOK are the two main political parties of the country.

Aristotle, Plato, Socrates, and Homer are just four ancient Greeks who have changed the world forever. Philosophy, Literature, and Mythology dominate the Greek culture, and the work of Greek scholars has been taught and studied in most other countries.

Some of the most popular Greek Newspapers are Kathimerini, Eleutherotupia, and Naftemporiki. Some Greek newspapers available in English are Athens News, Macedonian Press Agency News, and Kathimerini.

Greece at Google Maps