Tough spot for Greece

Greece was in the ancient world one of the main civilizations, they had great thinkers and made many advances in sciences and philosophy. Today, I’m sure the Greeks are nothing less of what they used to be, but sadly they’re not having the same luck. Greece is going through a very bad budget deficit brought about by many debts the Greeks have; Greece's national debt stands at about 300bn Euros. This budget deficit has forced the government to make many cuts both in wages and public spending. The economic crisis through which Greece is going will most likely affect the whole European Union.

Certainly the Greeks will be affected by all of this; many are complaining and going into strike due to the lack of support by the government. It is very bad that there are such great differences among all the economic levels of the European Union. These kinds of differences are likely to destabilize the Euro’s value and even reduce it. If Greek economy goes “over the cliff” it is likely to take with it Spain and create a chain of falling economies. It is imperative that the Greece does something about this, but also they have to be supported by the European Union because this also affects them.

There are several things that can be done about this deficit. Greece can begin by reducing its spending and making all those who evade taxes pay. They have to be very strict when dealing with taxes. The European Union should boost Greece’s economy and help it regain its strength. Reaching this goal will be tough because the Greeks have begun to complain and go into strikes. They should do the total opposite, they should be united and work hard to make their economy go up and reach their previous economic level.