Greek debt could spell economic catastrophe
Al Jazeera English
2012-08-21
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With Greece spiraling into economic recession, there's talk that the government may have to default on its debts.
The Greek government owes around $70bn to its own banks - a fifth of the nation's total debt.
However, the loss of billions from the balance sheets of banks could cause some to collapse with people's savings and salaries wiped out.
If so, the result would be catastrophic.
Al Jazeera's Jonah Hull reports from Greece.
The Greek government owes around $70bn to its own banks - a fifth of the nation's total debt.
However, the loss of billions from the balance sheets of banks could cause some to collapse with people's savings and salaries wiped out.
If so, the result would be catastrophic.
Al Jazeera's Jonah Hull reports from Greece.
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