Greece Meltdown

Greece,famous for its ancient and rich historical events, is a country in the southeastern Europe.
In recent time, the rise in Greece budget deficit, has raised the doubts among the mind of European Union policymakers, and made the very existence of Euro, a common currency, used by 16 countries of European Union.

Greece national debt is around 300 billion euros, which is much bigger the country's economy. In order, to help Greece and to revive its economy, the EU bigwigs along with International Monetary Fund(IMF), agreed to bailout Greece from this financial and economic crisis. But before providing the helping hand to Greece, they want Greece to reduce its budget deficit to 3 percent of its GDP, which is one of the perquisite to become a member of EU.

Inspite, of facing stiff agitation from its inhabitants, Greece has already tried to bring in some measures to curb its budget deficit. Cut in public employees salaries, raise the taxes on cigarettes and fuel are some of the measures which Greek government is placing into to reduce its budget deficit.

Instead, of just taking measures which are somewhat against the public, Greek government should also try to find out ways about how and where it can generate enough revenue for its people. Tourism is one of the main industry of Greece, but unfortunately, its not the one place which come into tourists mind, Greece, should try to evolve this industry, and try to make make it a front runner, if its come to revenue from tourism. I know, its not that easy to compete against some of the best known nations, but the time of being remain average is over, Greece certainly has to take some drastic measures, in order to cut its budget deficit.

Related articles by Zemanta

• Greek PM tries to rally nation for bailout (cnn.com)
• Clashes at Greek May Day rally (cnn.com)
• "EU, IMF to spend 135 billion euros to bailout Greece" and related posts (stockwatch.in)

Thanks & Regards,
Mohit