Greek Need EU Bailout
The global recession has continued to hit countries across the globe with Greece being the latest country to require a bailout. In a country with over 11 million people the problem the Greeks face raising revenue is that a very small proportion of the population pay higher rate tax due to an economy that is built predominantly on a cash economy.
This latest bailout is a real set back to the EU which is under real pressure with Ireland, Portugal and Spain also struggling under the weight of the financial crises.
The global impact of the recession can be seen in New Zealand also where Finance Minister Bill English declared at least we are not Greece. While this is undoubtedly true at least Greece has the financial power of the EU behind it. We are not sure who will bail New Zealand out should they ever have need of one.