Greece is having some money problems. The Greek government has been spending more money than it has been making in recent years. As a result, the country has accumulated a big debt. If Greece is unable to pay back its debt, it shakes up the credibility of the country, and can reduce the value of its currency. Greece’s debt is a concern for some other European nations as well because Greece and 15 other European Union (EU) countries use the same currency called “euro”. If the euro’s value goes down, it will financially hurt these other countries as well.
The EU is looking into ways to help Greece, and the Greek government has said that it’ll reduce the money it spends. Some of the ways proposed are not giving bonuses and salary increases to its employees, increasing taxes, and increasing the cost of fuel. This has upset the citizens of Greece and there have been protests in the country.
The euro (sign: €) is a relatively new currency – it was introduced on January 1, 2002. Since then, the euro has been adopted by 16 European Union countries and a few non-European Union countries as their currency. For example, France gave up its franc and Greece gave up its drachma to adopt the euro. There are rules in place that allow a country to adopt “euro” as a currency. There is also a maximum amount of debt a country using the euro can have – Greece broke this rule. The euro is already the world’s most circulated currency, having surpassed the U.S. dollar.
The Greeks have given us many things. The Olympic Games were started in 776BC in Olympia, Greece, and continue to be one of the world’s most popular events. Without the Greeks, w mght b wrtng lk ths – because they gave us vowels! Even the word “alphabet” comes from the first two letters of the Greek alphabet – “Alpha” and “Beta”.