The Greek government has agreed to drastic austerity measures in the hopes of securing a 130 billion euro bailout from international creditors — the second bailout in two years. The measures include dramatic cuts in pay, pensions and government services.
The creditors, which include the European Commission, the International Monetary Fund and the European Central Bank, demanded that Greece show clear evidence of how it will make 325 million euro of the 3.3 billion euro cuts. Greece, which has among the worst debt in the world, faces default as early as March if it does not get the bailout.
In addition to Greece, several European Union member countries now face overwhelming government debt. On Monday, Moody’s downgraded six countries. Other countries, like Germany and Japan, also have burdensome debts, but unlike Greece or other troubled EU members, their debt problems are not unmanageable. 24/7 Wall St. has identified the countries that have the highest debt-to-GDP ratios.
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