The newly elected government of socialist Prime Minister George Papandreou faces massive pressure from EU member states to tackle its budget deficit and growing public debt. Brussels fears that the Greek economy's continued slide could create a contagion effect across the eurozone and pose a threat to the stability of the common currency.
"The Greek example is putting us under great, great pressures," German Chancellor Angela Merkel said recently, setting aside her usual diplomatic tone. "The euro is in a very difficult phase for the coming years," she added. ...
To read the rest, sign up to try World Politics Review
Sign up for two weeks of free access with your credit card. Cancel any time during the free trial and you will be charged nothing.
Request a free trial for your office or school. Everyone at a given site can get access through our institutional subscriptions.
- Russia Becomes the Middle East’s Preferred but Flawed Nuclear Partner
- World Citizen: In New Rivalry, Great Powers Come Calling on India and Pakistan
- The Realist Prism: Crises in Ukraine, Mediterranean Put NATO Solidarity to the Test
- World Citizen: U.S. Frets as Key Allies Flock to Join China’s AIIB
- Despite Anti-EU Rhetoric, Election Shows U.K.’s Continental Drift