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Monday, July 06, 2015
The Collapse of Greece's Economy :How Serious Are The Consequences
ANBOUND

The International Monetary Fund (IMF) announced on 30th June that Greece had failed to make a scheduled debt repayment of about 1.5 billion euro to the IMF and became the first developed country to fall into arrears. Besides, the Greek people will vote in a referendum to decide whether there should be further austerity measures to cut expenditure, to collect more tax, and to negotiate with the European creditors. Rejection of austerity measures will lead to the Greek's exit of Eurozone. For the politician, this is a gamble but for the Greece people, this is a disaster. As the Greek's financial system might be excluded from the global financial system, the Greece’s economy is at the risk of total collapse. The ordinary Greek people will face real difficulty because of their own country.

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