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Posted by on Feb 11, 2010 in Business, Economy, Markets, TG Roundup

Greece Bailout

Today the  Eurozone leaders have announced some sort of a rescue plan for debt burdened Greece. The pledge failed to calm fears. Experts I follow are warning that this sovereign debt storm will not stop with Greece, Spain or Portugal. It is expected to spread to entire Europe and affect US and all economies in the world.

How is this affecting the Greek population these days? Here are some snippets (via Bloomberg):

  • Air-traffic controllers and civil-aviation workers are effectively closing down Greek airspace as part of the 24-hour work stoppage by ADEDY, the umbrella group representing about 600,000 civil servants. Some 483 international and domestic flights have been canceled, a spokeswoman for Athens International Airport, Greece’s biggest, said by telephone.
  • “People are out expressing their rage,” said Yiannis Kelekis, 68, who said he gets a 470-euro ($646) monthly pension. “They are absolutely right. The people that caused this crisis are now asking for others to make sacrifices.”