In the News

Reshuffle Latest Attempt

The government of debt-ridden Greece is hoping its latest attempt, a cabinet reshuffling, will help pull it out of its financial woes. Investors weren’t as confident, as fears that Greece will default on its debt sent share and euro prices lower. A default would send financial ripples throughout Europe potentially knocking similarly fragile economies like Ireland, Portugal, and Spain into a tailspin.

Greek Prime Minister George Papandreou has found it difficult to find support for an important new package of euro 28 billion ($39.5 billion) in spending cuts and tax hikes that has been demanded by the EU and IMF. A package that includes a commitment to reduce the burgeoning public service by 150,000 workers by 2015 and end government jobs for life.