Greece’s financial problems have the ominous potential of spreading to other parts of Europe including Spain, Portugal, and Cyprus.

 

March 18, 2010 (Hamsayeh.Net) - More worries emerged from Europe where the European Union currency the euro further weakened against the US dollar caused by the ongoing crisis in Greece.

 

In New York the euro was down around 0.6 percent at $1.3657, today. The European country’s debt problems are still unresolved as some the big players refuse to reassure the financial community of a massive bailout for Greece. Athens’ debt stand over 300 billion euros to international banks and it needs nearly 60 billion euros to pay for its debt soon.

 

But even the Greece’s finance minister Papaconstantinou says he’s not very much optimistic about receiving help from other Eurozone members. Of all the Eurozone members, Germany is by far the richest and the most capable country to provide a bailout for Greece, but German officials as well as its public are against a bailout at this time citing problems at home.

 

Greece’s financial problems have the ominous potential of spreading to other parts of Europe including Spain, Portugal, and Cyprus.