Article Name = Who, What, Why: How Greece may switch currencies
Web link = http://www.bbc.co.uk/news/magazine-18279522
Greece has been tumbling faster than water droplets would when angrily flung out of water bottle towards their target. And honestly, it's frightening. When entire countries begin to spiral out of control, simply because of their own internal debt and 'fiscal misallocation', one cannot help but wonder whether such daunting terms would find some way to haunt us personally as well.
The Eurozone has been swimming in a sea of loan receipts and IOU's, and many of the PIGS are dangerously teetering on the fragile borderline between order and chaos. Interestingly, an opinion greatly championed in other countries is the simple cost of production of the currency which is causing many issues in the countries themselves. Ironically enough, the cost of producing a one euro coin is 56% more expensive than the cost of a 100 euro bank note. No wonder the Greeks are stashing euros in safety deposit boxes and under mattresses and cushions.
Greece has a long way to go. It has to be able to sufficiently catch up with more stable Euro economies like Germany, although criticism on that one in particular is long due. Unfortunately, numbers and statistics and thrown in the faces of the Greeks almost every minute of the day: absolute budget deficits, the falling rate of monetary value, the probability of currency withdrawal, the probability of loan defaulting, the probability of a bestowed title of bankrupt, and perhaps the worst, the ever high probability of asking another country for complete and total domineering reparation. Like Rome. That would be amazingly ironic.
The reason why this is an article to follow is the high level of importance economics has in our lives. Unlike the sprawling equations of chemistry, the jumbled variables in math, the twisted proofs in physics and the computer-oriented study of ICT, economics is all around us and can be seen, felt and witnessed in action every single second of the year. In fact, the Greece calamity may in fact be minuscule in the face of larger economic crises, but since all giant leaps start with a single tentative step, there's no better place to begin than the Union battered by El Toro!
Web link = http://www.bbc.co.uk/news/magazine-18279522
Greece has been tumbling faster than water droplets would when angrily flung out of water bottle towards their target. And honestly, it's frightening. When entire countries begin to spiral out of control, simply because of their own internal debt and 'fiscal misallocation', one cannot help but wonder whether such daunting terms would find some way to haunt us personally as well.
The Eurozone has been swimming in a sea of loan receipts and IOU's, and many of the PIGS are dangerously teetering on the fragile borderline between order and chaos. Interestingly, an opinion greatly championed in other countries is the simple cost of production of the currency which is causing many issues in the countries themselves. Ironically enough, the cost of producing a one euro coin is 56% more expensive than the cost of a 100 euro bank note. No wonder the Greeks are stashing euros in safety deposit boxes and under mattresses and cushions.
Greece has a long way to go. It has to be able to sufficiently catch up with more stable Euro economies like Germany, although criticism on that one in particular is long due. Unfortunately, numbers and statistics and thrown in the faces of the Greeks almost every minute of the day: absolute budget deficits, the falling rate of monetary value, the probability of currency withdrawal, the probability of loan defaulting, the probability of a bestowed title of bankrupt, and perhaps the worst, the ever high probability of asking another country for complete and total domineering reparation. Like Rome. That would be amazingly ironic.
The reason why this is an article to follow is the high level of importance economics has in our lives. Unlike the sprawling equations of chemistry, the jumbled variables in math, the twisted proofs in physics and the computer-oriented study of ICT, economics is all around us and can be seen, felt and witnessed in action every single second of the year. In fact, the Greece calamity may in fact be minuscule in the face of larger economic crises, but since all giant leaps start with a single tentative step, there's no better place to begin than the Union battered by El Toro!
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