Greece and its economic crisis
By picjim
@picjim (3002)
India
April 29, 2010 11:14am CST
Will the economic crisis in Greece bring the economic recovery in Europe to grinding halt.Will it effect other countries like the recession did couple of years ago?Will it spread beyond Europe?What are your impressions my dear fellow mylotters?
2 responses
@benny128 (3615)
•
29 Apr 10
well to be honest this is one reason I am againist the european union, all europe is now is effectively one large country so yeah I do believe it will start to affect other states especially those using the euro, because europe is effectively one country.
I personally think the UK will escape the majority of the issues as other debt stands at around 50% where as greeces debt was at 120%.
Plus we don't use the euro so maybe not as linked as other countries are.
@picjim (3002)
• India
30 Apr 10
I'm with you when you say you are against the European union.What would have been contained to one country has spread beyond and effected others in the European union.
It is heartening to note that UK will escape the economic downturn as its debt is relatively less.I agree with you when you say we don't use Euro to the extent we use dollar for settling our trades and its linkage to other economies is less vis a vis the dollar.
@piya84 (2581)
• India
29 Apr 10
hiii picjim
I heard it spreading.I heard even Portugal might go down after it.European union can aid Iceland,Greece but what it it start downwards spiral for lot of countries in Eu union?To how many countries they are going to provide aid.
I think current rally in stock markets is just a pullback.Real crash is pending.
@picjim (3002)
• India
30 Apr 10
HI Piya.That's the major fear that it will spread beyond the boundaries of Greece into Spain ,Portugal and other European countries.The aid if provided TO Greece has to be quick and adequate.I agree with you when you say to how many countries can aid be provided.It gives me the chills to know that the current rally in stock market is just a pullback and that there is a major downswing in the offing.
