Monday, January 26, 2015

Euro faces crisis as Greek anti-austerity wins

There is jubilation all over Greece after the anti-austerity party - Syriza won elections yesterday. But this jubilation puts the Euro under severe crisis and may usher in economic turmoil.

It is reported that Syriza leader Alexis Tsipras has pledged to renegotiate Greece's €240billion (£179billion) international bailout deal - and to reverse many of the reforms that EU creditors demanded in exchange for keeping Greece financially afloat since 2010.

It may be added that the single currency has crashed nearly 20 per cent against the greenback in less than a year – sinking from $1.39 in May to an 11-year low below $1.12 last night as Greece was set on a collision course with Angela Merkel's Germany.

Read more about it at: Daily Mail
Photo: Pixabay
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