Sunday, September 11, 2011

What's going on with Greece?

Today 20,000 protested in Greek's second-largest city, Thessaloniki, in anticipating of the government's announcement of additional austerity measures to avoid a default on the country's debt. Markets plunged on Friday at the prospect of a Greek default, a move that would deal a sharp blow to the European banking sector as a whole.

On a positive note, last week Greece's foreign minister Panos Beglitis was in Jerusalem to sign a security cooperation agreement with Israel, on the background of deteriorating relations between Israel and Greece's neighbor, Turkey. Greece also voiced its support of Cyprus' freedom to conduct business with Israel in the Mediterranean last week, in response to Turkish threats on the island country.

Perhaps also related to strengthening ties between Athens and Jerusalem, a new law passed in Greece last week grants citizenship to Greek Jewish refugees from World War II.

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