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POL 423 Round 2 Journal 13

POL 423 Round 2 Journal 13 - but thinks they need to work a...

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Financial Times Debt restructuring unnecessary, says Greek bank chief April 19, 2011 Journal The Greek government says progress has slowed in making fiscal changes that are necessary to stabilize the Greek economy and to bring them back to a point where they are no longer in need of bail-out funds to support their economy. However, the Greek economy as well as many other governments in the EU have said that they hope Greece does not need to restructure their debt because that will have many negative consequences, such as it would be very hard for the government or the private sector to access the markets. The Greek government thinks that with the right adjustments to their fiscal policy they will be fine, and the EU agrees
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Unformatted text preview: but thinks they need to work a little harder on getting those adjustments made. This article shows the unrest the weaker countries in the EU are causing the stronger ones. Greece has been granted access to bail-out funds for a little while now but they have been very slow to make changes in their fiscal policies, which is frustrating many in the EU, to the point now that there are talks about restructuring the Greek debt which no one really wants to do but may be necessary. This offers a unique look at how the EU tries to grant sovereignty but in some situations is forced to take action against the will of a member states government....
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