Greek crisis- Second Bailout will this be the end to Euro and bring down Europe?

By Christopher Hessman

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We here in the United States watch carefully on the European money troubles as we do our own. In these times though the dollar is a bit stronger than the euro and with this again about Greece default could lead to Germany and Italy become every weaker and possible to pull down the whole system.


The newspapers said this included redundancies among civil servants - bringing the total to 100,000 - and a cut in pensions and salaries.

The Greek government is expected to run out of cash to pay for public services by mid-October if it does not receive further loans.
Euro obligation

German Finance Minister Wolfgang Schedule has warned that no money will be forthcoming if Greece does not stick to planned cuts in its borrowing.

There are concerns they may rule that Greece has fallen behind on its spending cuts targets - the government was forced to introduce a property tax amid fears prompted by the recession that it would miss its target of capping its budget to 7.6% of GDP.


S&P cut its rating one level to A/A-1 from A+/A-1+, adding that the outlook for the country was "negative". Italy follows fellow eurozone countries, Spain, Ireland, Greece, Portugal and Cyprus in having its credit rating downgraded this year.

The surprise move by the ratings agency will fuel fears of contagion in the eurozone.

Italy has Europe's second-largest debt level and the cost of that debt has been soaring in recent weeks as lenders to Italy have become nervous about its ability to repay loans.

If you are citizens of any of these countries you should get ready to take care of your self's and your families. These governments are going "broke" we the little people see the reductions while the politicians still get their large pay checks and stay in office for years on our dime. Either in Europe or the United States Term limits are the answer to make sure they work for us not against us.