Debt Crisis In Greece May Come To An End

Debt Crisis In Greece May Come To An End

The tables seem to be turned against Greek premier Alexis Tsipras when he returned from Brussels with a deal that said Greece is to get $96 billion, but in exchange for some measures like cuts in pension and raided taxes the country had vehemently rejected in  a referendum last week .

 Many members of the left-wing Syriza party he leads are opposed to the deal, while his coalition partners have rejected the deal outright.

Some more money is likely to be raised from the sale of state assets. More than $50 billion are expected to be raised from the sale of a number of airports in the country besides a power company.

Mismanagement of the nation's economy has brought it to a worst case scenario that can be compared to the Great Depression in the US.  Greece chief tax collector Harris Theoharis is of the opinion that the current crisis is a consequence of tax evasions by the rich. There have been tax evasions of about $12 billion every year in Greece.

Banks and financial institutions have been closed down in the wake of the financial crisis. It has been two weeks since the banks were closed down to the public. Withdrawals made from ATMs are restricted.

Unemployment is rife in the country. Almost a quarter of the people in the country who can contribute to the economy find themselves unemployed.  It is the poor who have to suffer the most.

But the deal with the creditors is being seen as a bad one. Greek's debt is believed to be to the tune of $400 billion.

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