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In an effort to stave off further deterioration in its debt, Greece has adopted new taxes and pay cuts. They are aimed at showing the EU that Greece is serious in reducing its debt problems. EU officials have been demanding that Greece take immediate action.
The cuts amount to $6.5 billion and include the following:
The players at the G-20 summit have opened the curtain on Act 1.
First we have Japanese Prime Minister Taro Aso. He holds the position that a strong stimulus program is the only means to pull Europe and the world out of the current crisis. He cited Japan's experience in the 1990s when Japan used a strong stimulus as a way to stimulate growth. He also cited Japan's current stimulus package, which amounts to $720 billion, and he even said that Japan would discuss further stimulus if the need arises.
Standing in opposition is German Chancellor Angela Merkel. She is firmly opposed to more stimulus and demands to know why it is needed. She believes that excessive public spending will not assure a vital recovery.
Continue reading G-20 split on stimulus program and financial reform
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