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Ottoabasi Abasiekong: Greece and the battle for Survival on Debt crisis

By on November 13, 2012

Riots in Greece

 

With the bombshell from the European Central Bank President  Mr  Mario Draghi that it has reached its limit and capacity in helping and assisting Greece solve its debt crisis and pandemic, the Hellenist Nation is on a race to survival.

Prime Minister Antoni Samara has been exploring avenues for Greece to raise more funds to run the affairs of the state as the situation is dire and precarious even after the parliament voted for austerity cuts that met the ferocious reaction of the citizens.

Strikes, Protests, Unrests, Chaos and Debates have been the tempo of the political economy for the year in Greece and it has been a commentary and analysis from various global  policy experts if the country can survive without the ‘eurozone’.

To be told that you are on your own by a supervisory bank in the economic zone that you belong means you have to fight  and find your way through the mess and this signals another uncertain period for the European markets.

This also comes at a time when the United States is also devising strategies to resolve the fiscal cliff issue that could plunge the world’s leading economy into crisis .

Greece has received a extension of  bailout  but has not been given any hope of receiving

additional funds at the moment which puts the economy at a precarious level at the moment.

Global markets have been fluctuating  and reflecting concerns over the Greece and  U.S stalemate and the confidence issues investors are having with the developed economies.

With Greece racing to raise more funds, sell its bonds and doing everything to survive, analysts are also concerned about the situation of Spain who may also be on the verge of seeking a bailout and what happens to the ‘eurozone’.