Greece in the Hot Seat
By Crecencia R.
Financial problems abound as tensions heighten between Greece and Germany.
On Friday, February 27th, Germany is expected to extend the Eurozone’s bailout of Greece. In simpler terms, this means that for the loans Germany gave Greece (one of the many countries that did), it’s time to pay up. Unfortunately for Germany, Greece’s economic state only started regularly climbing earlier this year and it’s far from enough to pay anything back. In fact, a recent meeting between these two countries has come to Greece asking for another loan and an expansion on the due date. Although Germany was ready to give Greece a loan a few years ago, things have changed. Germany has been giving other loans; so many, in fact, that they themselves are inching toward recession. The German people are not happy about the debt expansion request: they are angered by it. The Germans expect the Greeks, beneficiaries of a €240 billion ($268bn) rescue, to be grateful. However, soon after the deal on Tuesday granted Athens a 17-week loan extension, Greece’s finance minister, Yanis Varoufakis, demanded the massive debt burden be partly written off. This request has many German people starting to refer to Greeks as “The Greedy Greeks”. So Germany’s dark opinion of Greece as of this moment is not entirely surprising. Despite this, when it comes time to vote, only 25 of Germany’s 311 Member of Parliament will oppose or abstain on the Greek rescue.