As the euro zone's weakest members crawl out of their longest recession in modern history, their prospects of recovery are weighed down by a crushing mountain of debt far heavier than before four years of financial crisis.
Greece's president used an annual commemoration of the country's stand against fascism in World War Two on Monday to warn that Athens would not yield to pressure from foreign lenders to impose more austerity.
Greeks are nearly 40 percent poorer than 5 years ago, with disposable incomes down by a third since the country entered into recession. Financial struggles linger after the 2008 crisis,and the government austerity measures haven't yielded promised growth.
After having forced through further austerity measures Greece is set to receive its next bailout instalment. The bailout comes at the expense of thousands of public sector jobs. A rescue loan of 4 billion euros will come from the eurozone and European central banks. The IMF is also expected stump up a further 1.8 billion. To get the loans, Athens will have to fire 4000 civil servants by the end of the year. Greece has been relying on rescue funds for over three years now, but as financial expert Patrick Young explains, it's done little to cure the country's financial woes.
Speaking on Press TV’s weekly debate program Comment, Conway said, “I just wonder as someone who’s been involved in politics for 40 years of my life, how you can preach about freedom of speech, if you don’t encourage it”.
The small Baltic state of Latvia could become the 18th member of the euro zone in 2014 if it continues on its current economic course, EU Economic and Monetary Affairs Commissioner Olli Rehn said on Thursday.
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