Greece is in serious financial trouble. Financial experts have been watching Greece since 2008. What they were concerned about was the fact that Greece was headed towards a depression. The reason this was cause for concern is because if Greece’s economy were to tank, it would affect the economies of all 17 nations that are part of the EU, sending the entire union into a major recession.
Greece passed Austerity Measures in an effort to cut government costs. This was done in hopes of creating a path for the second bailout they hope to receive from the EU as well as avoiding a national default on their debt. The hope is that Greece will be able to make the €14.5 billion payments that are due in March. However, while Greece has taken steps towards it, other countries are not moving as fast.
Germany, the strongest economy in the European Union, released a statement that it would not be voting on the bailout until the 27th of February, and the EU Summit will not be voting on the measures until March 1.
The situation has angered Greeks to the point of rioting. Over the weekend an estimated 80,000 people flooded the streets of Athens in a swarm of violent riots.