The European Union finally provided more details regarding a possible
aid package to Greece, a country still dangerously close to defaulting
on its loans. The EU member nations agreed to loan Greece $40 billion
in at a below market rate if necessary. Greer needs to raise about $75
billion this year. Greece and other European countries are hoping this
announcement will make it cheaper for Greece to borrow theoney it
needs. Greece matters because a default may trigger another recession.
In the U.S., the Senate is still discussing whether to extend federal
unemployment benefits to those who have already exhausted their
allotted amount. Democrats want to borrow money to finance the
benefits while Republicans are demanding the $9 billion extension be
offset by $9 billion in spending cuts. Regardless of the outcome, this
shows that millions of Americans have failed, for whatever reason, to
find employment for more than a year. The loss of unemploymet bemefits
may cause more jobless people to lose their homes, which would further
depress the housing market.
Sent from my iPhone
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