When Euro Ship Hits the Greek Shores...

Yes, the Greek crisis is threatening to sink the Euro Ship. The fact is that the debt levels of Greece have hit alarming levels because of which it is posing a threat of Euro currency. And these levels are around 120% of the GDP mark. Yes, that is high...but let's have a look at the same ratio for other developed countries...

* US Gross Debt 2008 12,867.5bn 90.8% of GDP (EST) (US Debt)
* Japan National Debt 192% of GDP 2009 est) 836,521 trillion yen 2007
* Italy National Debt 115% of GDP (FT)
* UK National Debt 68% of GDP (UK)
Source: Economics Help
The above numbers are as of Feb 2010.

How is Greece coping up with it?
It has reached out to its Euro zone partners and IMF to get sufficient loans. While IMF package is nearly ready for dispatch there are some clauses (as some have claimed) in Germany's constitution that disallow it to provide loans to Greece or any partner. This is significant because Gemany's share account for the largest share in the combined Euro zone's package,

I am keenly tracking the economic shifts. Let's see if the bail out package from Euro Zone gets constitutionally passed...
This story has also put some focus on Portugal and other European countries that have high debt levels.

I will track this story...