Say your parents have a lot of money. They hire housekeepers, gardeners, even a pool boy. But suddenly they can’t pay the salaries, they can’t pay their bills, they can’t pay for your new clothes - all because they are living on credit and this credit can’t be paid back.
It’s kind of the same thing happening in Greece. The dominoes are falling and they’re taking a lot of others down with them. From Longing for Home, John Vaala helps explain it,
The European Union on Monday made public its $1 trillion bailout of Greece and other potential defaults in nations such as Portugal, Spain, and Ireland saving, for now, the value of the Euro from deflating and igniting yet another worldwide monetary crisis.
What’s better is his link to this youtube video.
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