The End of Euro Isn't Near
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If you think Britain faces tough economic times, consider Greece. International ratings agencies downgraded Greece’s credit rating last month. (A lower rating signals that a country is a riskier place in which to invest, thus increasing its cost of borrowing.) The reason is that Greece has a huge burden of public debt, at €300 billion. The Greek Government has pledged to cut public spending. It aims to reduce the budget deficit from nearly 13 per cent of GDP to just over 9 per cent in the next financial year.
