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EU Rescue Plan Delayed – What Are They Waiting For?

October 23rd was the day that everyone was waiting for – this was the day that the EU leaders were supposed to unveil their master plan to help solve the crisis in Greece. But, for reasons that weren’t reported, the plan has been delayed and it will not be released at the EU Summit this weekend.

After this news was released, the value of the Euro against the US Dollar started to fall, but the overall drop wasn’t as bad as people expected it to be if some delay like this happened. There has been some growing optimism when it comes to the situation in the EU, but the overall sentiment is still rather pessimistic. Unless something gets done in the very near future, this crisis will spread and then it will be very difficult to turn around.

A lot of people are wondering what the hold up is and why something isn’t being done. The G20 finance ministers said they expect a tentative resolution to this issue at the October 23rd summit, but now that the plan has been delayed, there is a good chance that they will be unhappy and will be wondering the same thing. It will be interesting

 

Greek To Endure A Rough Patch This Week And In The Near Future

The Greek people are getting ready for a week of pain, but unfortunately, it is expected to last longer than the upcoming week – major changes will be made in the near future, and most of them won’t improve the quality of their life.

During the next 7 days, a wide variety of events are expected to occur – a potential solution to the crisis in Greece will be discussed at the EU Summit in Brussels on the 23rd of October, the government of Greece will vote on the next round of austerity measures that will make more cuts and reduce social spending by a large margin, and for 48 hours starting on the 19th, there will be a 48 hour general strike where around 60,000 protesters are expected to shut down the country to voice their displeasure.

After this week is over, though, things aren’t really expected to get any better – for Greece to sustain itself in the future, some major changes to the way the government operates will need to be made. Even when their economy was running at its normal capacity, it still couldn’t sustain the amount of money that was being spent on social programs and other initiatives. More cuts will need to be made to balance the budget, and that will not make the Greek people happy.

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