Europe’s single currency is ‘almost certain’ to break up within the next five years as a direct result of the Greek debt crisis, international financial experts warned last night.
Greece on Wednesday drew 5.5 billion euros (6.9 billion dollars) from an emergency International Monetary Fund loan, becoming the first eurozone country to be forced to resort to the IMF for aid. continue
Worries about the sovereign debt of Greece And Portugal came firmly to the forefront of investors as both countries had their credit ratings downgraded by 2 notches by the ratings agency Standard And Poor on Tuesday.
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Easing concerns about Greece’s debt problems and a handful of corporate takeovers boosted the stock market.
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Greek economy is in dire straits as Greek Prime Minister George Papandreou warned on Friday his country was one step from being unable to borrow and appealed to labor unionists to support his efforts to escape a debt crisis shaking the euro zone.
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