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Economist: Greece debt crisis worsened

05-08-2010 09:36 BJT Special Report: Europe's Debt Crisis |

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The Greece debt crisis has worsened considerably since the end of 2009, which has not only affected the Europe Union's stable economy,but the global stock market. From a local economist's view, Maniatis from the University of Athens analyses the crisis.

According to Maniatis, an unreasonable long-term public finance policy has led to Greece's huge debt. As a poorer country in the EU its public finance payout compared with GNP is nearly the equivalent to that of Germany and France. Although the high payouts can ensure improved welfare they also cause problems.

Maniatis also considers higher military expenditure one of the reasons for the huge deficit. It accounts for 5 percent of GNP, similar to that of the United States.

Maniatis is suspicious of the effect of the International Monetary Fund's bailout and the government's austerity bill.

He says the debt crisis is not the sole case, in fact, he says it demonstrates that it is unreasonable for developed countries pushing forward loans.

 

Editor:Zhang Pengfei |Source: CCTV.com

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