The European Union will lend Greece €110bn during the next three years, increasing the tax burden on ordinary workers instead of tackling the Greek economy's structural problems. By Eoin Ó Broin.
Greece is in trouble: on May 19, its government must pay an €8.5bn bill for money borrowed on the private markets 10 years ago.
But the Greek government is broke and can’t borrow any more from the private sector to pay its debts. It runs the risk of being the first developed capitalist economy to default on its debts in the current economic crisis.Add a comment