(CNN)
Prime minister George Papandreou proposed new
program that cuts public spending and collects taxes in order to fund and
relieve the country’s debt. The goal is to reduce $20 billion worth of spending
and raise an additional $20 billion through taxation. This will cause the loss
of employment and create limitations on welfare.
Greece believes that if they do not balance the deficit,
they will no longer meet the criteria to participate in the Eurozone.
Greece is currently receiving international aid in
hopes of diminishing their debt. A bailout of $156 billion was granted to
Greece last year and is still waiting to be claimed.
The civilians of Greece blame the set back on
politicians and business men, saying that the common people are having to pay
for their mistakes. These cuts and taxes were first proposed in 2010 which started
the series of riots.
If Greece falls
economically it will affect weak countries in the Eurozone and cause
them to withdrawal from the union.
Tourist revenue generates a big part of Greece’s economy, but the political issues and current
upheaves are making the country less desirable
to visit which adds to the financial predicament.
