Greece and the Euro

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This is the VOA Special English Economics Report , from http://voaspecialenglish.com | http://facebook.com/voalearningenglish The Olympic flame was lit in Greece on May tenth. The ceremony marked the beginning of a long trip through Greece and Britain, which holds the Summer Olympics this year. Greece has been at the center of a political and economic struggle that also threatens other European economies. It remains unclear if Greece will continue using the euro, or if its eurozone partners can enact reforms needed to hold the currency group together.On the day the Olympic flame was lit, Greek Socialist leader Evangelos Venizelos began an attempt to form a new government. It marked the third attempt to form a government in the week after parliamentary elections. Mr. Venizelos' PASOK party finished third in the elections. First, the conservative New Democracy party attempted to form a government and failed. Then the leader of the leftist Syriza coalition tried and failed. He said the election results showed the Greek people had rejected deep budget cuts required by international creditors. Budget-cutting austerity measures have angered Greeks. The political situation in Greece raised the possibility of the need for an emergency coalition or even new elections. The political crisis also raised the possibility of punishment by Greece's eurozone creditors. They could deny future payments from the financial rescue plan that they agreed to in February. The agreement is worth abo

Published 2012-06-06 · Watch on YouTube ↗
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