The Creek Economy:
Greece's debt hit €300 billion, more than the entire value of its annual GDP.
Current budget deficit is running at 13.6 per cent of its gross domestic product, twice the Eurozone average International rating agencies have cut Greece's credit rating, concerned that it will default on its debts.
This has the immediate effect of pushing up the cost of its borrowing, setting off a vicious spiral......
Source: BBC News

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