Update GREECE GAMING MARKET
ePic greek struggle
Italy has shown that gaming can be properly regulated and controlled in difficult conditions - but can Greece show it can also save a country from financial meltdown?
Greece is a country which is undoubtedly struggling. The new gaming market is one of the key measures aimed at pulling the region out of the debt swamp and provide a much needed cash injection.
The last decade has seen Greece sink lower and lower. The debt binge came crashing to an end in late 2009 which provoked an economic crisis that today is threatening both Europe’s recovery and the future of the Euro.
The roots of the debt go back to the strong Euro and very low interest rates. Not only did the Greek government borrow heavily but for 10 years it also went on a spending spree. Public spending soared whilst public sector wages doubled. Then as the government built up a tidy debt of almost US$400bn, the global economy began to crumble and Greece hit the ground with a resounding bump.
The new debt deal means Greece must now
undertake a new round of austerity measures such as
government layoffs, wage and pension
cuts, VAT increases, increases in fuel, tobacco and alcohol, public
sector layoffs and
permanent foreign monitoring of
Greece to ensure it completes it requirements.
Since this time Greece has been relying on a €110bn bail out package from its European neighbours which was dished out in May 2010. With it came a series of measures aimed at cutting the country’s bloated deficit and restore investor confidence.
But Greece still managed to miss deficit targets as its economy sank deeper into recession and dropped by 5.5 per cent in 2011. A year after the bailout Greece continued to sag under €340bn in debt. Over the last two years investors have demanded higher interest rates for Greek borrowing whilst mass demonstrations turned violent as the country showed their frustration at the austerity measures being introduced in a bid to bring cash in.
In November last year the country received some relief as European leaders obtained an agreement from the bank to take a 50 per cent loss on the face value of their Greek debt. However Prime
Your
Minister Papandreou then announced he wanted a referendum on the package and later withdrew the request.
Papandreou and opposition leader Antonis Samaras then agreed to create a transitional administration to oversee the country’s debt relief deal and hold early elections. On November 10th Lucas Papademos was named Prime Minister.
Meanwhile the new debt deal means Greece must now undertake a new round of austerity measures such as government layoffs, wage and pension cuts, VAT increases, increases in fuel, tobacco and alcohol, public sector layoffs and permanent foreign monitoring of Greece to ensure it completes it requirements.
Having so far raised less than four per cent of its targeted €50bn in asset sales, Greece is now looking at selling its gas company DEPA and 35 state buildings by the first quarter of 2012. Asset sales have
new compelling content for pro series cabinets
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