Al Jazeera: The economic future of Greece as the last Soviet-style economy in the EU is a possible precursor to a two-speed Europe

Mirtchev, A. (2010, May 11). The Impact of Greece’s DownturnAl Jazeera.

Al Jazeera09 Alexander Mirtchev RizKhan Show 1The ongoing economic meltdown in Greece is threatening the financial health of Europe and could send ripples around the world.Violent protests have rocked Greece after its government announced major spending cuts to address its financial crisis.

At least three people were killed during demonstrations against the austerity measures. The Greek finance minister says the only way to prevent total economic collapse is to accept a bailout package of more than $140bn from the European Union and the IMF.

But that money is contingent on Greece implementing the austerity programme. The parliament has already approved some of those proposals that raise taxes and slash pensions and public sector bonuses. The main conservative opposition leader has criticised the austerity policies as being too harsh.

As Greece struggles to deal with the crisis, experts say it could have a domino effect on several countries across Europe. On Monday’s Riz Khan we ask: To what extent could the meltdown in Greece affect the global financial health? Joining the show will be Dr. Yannis Papantoniou, the former Greek finance minister, who was main architect of the country’s economic reforms in the late 1990s, Dr. Alexander Mirtchev, the president of the Washington, DC-based consultancy Krull Corporation which specialises in new economic trends and business strategies.