Topic: Greece in trouble
Article 1: Australia
Turkey to support debt-stricken Greece
http://www.abc.net.au/news/stories/2010/05/15/2900345.htm
As Greece is entering financial trouble Turkey’s leader is creating a “groundbreaking” trip to Greece in a way to create a solution to Greece’s debt as well as trying to aid their relations as long-time rivals. The two rivals created a surprising turn in event as Turkey’s Prime Minister, Recep Tayyip Erdogan agreed with pledging mutual support and friendship, creating a historic day for both Greece and Turkey. The Turkish leader wanted to help Greece in their troubles with debt. In an extraordinary step the two now allied countries signed 21 cooperation accords in fields such as tourism and technology, and openly discussed scaling back on the costly arms race that has long divided the two.
Article 2: Cyprus
Greece in distress: rescued by the EU
http://www.cyprus-mail.com/opinions/greece-distress-rescued-eu/20100207
Greece has gone under some intense international scrutiny and Prime Minister George Papandreou has been trying to convince foreign investors ant the EU that Greece will put its house in order and reduce its government deficit and public debt. Greece’s public spending will have to be cut, taxes will have to be raised and wages will have to be declined. The EU approved the rough measures. There is not much the EU can do to help Greece apart from making sure that these measures are executed. A fine balancing act will have to be performed by the EU and its member states. The EU cannot be easy on Greece for it has scorned EU rules. For some time Greece has constantly provided false information to the European Commission. This has qualified Greece to enter the eurozone on the basis of false information. But for other Member States they cannot do nothing and watch Greece go bankrupt.
Article 3: United Kingdom
Second firm with draws drugs from Greece over cuts
http://news.bbc.co.uk/2/hi/europe/10193799.stm
As the Greek government is struggling with a debit crisis another pharmaceutical company is withdrawing products from Greece in protest at the government’s decision to cut the prices of medicines by 25%. The Leo Pharma Company has declared that it is suspending its sales of two popular drugs because of the reductions of price that will cause job across Europe. The decision by Leo Pharma of suspending the distribution of an anti blood-clotting agent and as a remedy for psoriasis has taken Greece closer to a boycott by other medical suppliers. Leo Pharma claims it is owed 37million euros by Greece. The senior director of the company said that the 25% reduction would encourage other countries to do something similar with large debt problems.
Reflection
Greece is in a great financial trouble forcing them to create price reductions. The Country has been encountering various riots by the citizens of the Country rebelling to the Government. Greece is trying to make this right by creating price reductions of imported items such as in the pharmaceutical area, but by doing this the citizens of Greece will have lack of medicine. I believe that the EU is doing the right thing of creating a type of punishment dealing with the lies they have told in entering the EU.