International Business News Heads to Greece: Cutting the Deficit

Greece has long been at the center of international business news. Huge national deficits pushed their economy way out of balance. In a huge international business news story, the European Union had to loan Greece money to stave off disaster.

Now, though, business news details what Greece is doing to make a turnaround. In the books, the country is making huge headway. It’s paid down 39% of its deficit in just the past year. To do this, though, Greece has had to make huge tax increases and government spending cuts.

International business news has been following Greece’s progress with interest. The country as a whole is getting better, but the cuts in spending and hikes in taxes are taking a toll. Even in the more prosperous areas, many businesses are failing, as they can no longer stand up under the strain of their taxes.

Some business news writers are predicting a fall full of civil unrest. Some Greeks who were able to go on long holidays in the summer will be shocked by what they come back to. Others who were unable to afford those holidays are breaking under the strain.

As the government restricts its spending, it may be making the deficit better on paper but harming the country more. The citizens of Greece are straining to keep up with the changes. Business news experts speculate that the country may have to start spending more money again in order to keep from another potential disaster.

Subscribe for newsletters &
Get Latest Updates & Offers