The Greek Debt Drama Continues

Greek Protest

You’ve heard about the Greek debt crisis and the riots in Athens. But you may not realize that what happens in Greece could strike a lot closer to home.

ηθοποι?ς (the actors)
Greece is part of the 17-nation eurozone, a group of very different countries that share one common currency: the euro. If one country buckles, all of those nations will suffer.

σκην? (the scene)
Greece is hoping for a bailout that will reduce its debts and stabilize the economy. The price of that bailout, in part, is a nationwide austerity plan, featuring wildly unpopular cutbacks.

πλοκ? (the plot)
Next, the beleaguered nation will try to work out a debt payback plan with some of its creditors this week, to reduce the amount it owes by about $130 billion.

But such a massive debt restructuring is complicated—and dicey. If it fails, Greece might not get its hoped-for bailout, and could default on all its debt—including about $7 billion owed to the United States.

κορ?φωση (the climax)
Everyone is on the edge of their seats, because thus far neither the path to recovery, nor the consequences of a fallout, are clear. The last act could be a long way off.

Συζητ?σει (Discuss). Can you see how economic instability in Europe could affect you?