Greek Debt

The European Commission on Wednesday adopted a series of recommendations to ensure that the budget deficit of Greece is brought below 3% of GDP by 2012, that the government timely implements a reform programme to restore the competitiveness of its economy and generally runs policies that take account of its long-term interest and the general interest of the euro area and of the European Union as a whole (Europa, 2010)

The opening statement made by Europa, the official website of the EU on February 3, 2010 provided in a nutshell the end result of two significant and yet colliding considerations: the nature of the Greek financial system as it has been for upwards of 100 years, and the administrative shortcomings of the operational realities of the Euro Zone. Both entities have significant problems in their own rights that have resulted in major infrastructural shortcomings and effectively driven them...
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