# Money problems in Greece.



## Geraldine (Jan 3, 2009)

Hi,

I know we haven't got a crystal ball, but does anyone think the money problems that are hitting Greece, and perhaps Spain and Portugal, could affect other Eurozone countries?

Todays news said it could escalate to other countries. Worrying times indeed:noidea:

Geraldine


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## kimonas (Jul 19, 2008)

Geraldine said:


> Hi,
> 
> I know we haven't got a crystal ball, but does anyone think the money problems that are hitting Greece, and perhaps Spain and Portugal, could affect other Eurozone countries?
> 
> ...


Almost certainly Cyprus will be affected in that many Cypriot banks are based in Greece and fiscal policies are linked - indeed Cyprus has followed the Greek precedent of avoiding practically every EU directive going that resulted in Greece being fined millions of Euros a day through infringement proceedings (and hiding the extent of debt). Of course the Cypriot economy is much smaller, but its heavy reliance on Greek investments and business interests means that it will be knocked very hard by the current Greek economic crisis. Gloomy economic climate, I'm afraid for at least the next five years or so...


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## zeebo (Nov 15, 2009)

oh well maybe the houses will get a bit cheaper then ;-)


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