19 Aug '12, 7am
4 Challenges Greece Faces and a Contest
The upcoming week is a significant one for Greece, the euro zone country where the debt crisis originated. Prime Minister Antonis Samaras is going to Berlin to meet for the first time with German Chancellor Angela Merkel, to discuss an extension of the deadlines by which Greece is to meet the terms of its bailout deal. While Merkel is said to be leaning towards easing Greece’s bailout terms , doing so could carry significant political risks for her as at least two German lawmakers are objecting to such. Last week, new data showed that Greeces economy shrunk to its 2005 level in the second quarter, the worst in the last eight years; its gross domestic product shrank 6.2 percent in the last quarter. Unemployment keeps going up and is now at 23.1 percent; it is 54.9 percent for those aged 15 – 24 years old. Greece is in its fifth year of recession. A few more signs of the ch...