You will be astonished reading the article that this beautiful country is going to be bankrupt.
We all know very
well that Greece economy was very powerful and dreamed of winning world. Now a
day Greece is struggling with financial crisis for last few years. Initially it
had a large amount of capital but but due to decline in the capital and
investment in the country, it borrows the money from the international monetary
fund (IMF) of amount 11 million crores. He had to pay his first installment of 12
thousand crores on 30 june but he was anable to such a huge amount and bank
refuses to extend the date of installment.
Besides above IMF
imposed some certain condition on the Greece and if it refuses to follow that
condition then it will be debarred from the European Union and Euro Zone. Greece's
Prime Minister Alexis Cipras has declared the country's banks to be closed for
7 days. The people of the city have been allowed to withdraw from ATM only up
to 60 euros. One more tense has been raised that all the foreign transactions has
been banned. All the European mankind are worry about the currency that if the
euro was converted into an old currency drachma then there would be no value
for the currency.
As I mentioned above that it has huge capital initially and
it affected the other country’s economy. In the same way due to decline in its
capital other country are being affected. The stock market of japan, Hong-Kong
including India are being affected and declining gradually. Economist considered
that this abrupt decline in the capital of Greece’s economy was earth quake
that happened in 1999. In the earthquake tremendous buildings were incaved due
to which re-habitation was required. Hence 50000 buildings were rebuilt from
government money. One accused on the Greece has been imposed that it spent more
money on the Olympic Game in 2004 than decided. . If he failed to pay the IMF
loan, nobody would save him from becoming the first defaulter of the 21st
century. When a defaulter is declared, it will have to implement its old
currency drachma. IMF has extended the deadline for repaying the loan on July
20. Hence it is on the verge of being bankrupt.
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