For more than a year now the economic crisis in Greece has been a prominent feature in international financial publications. Greece is one of the smaller countries in the European Community (EC) but it is also one of the most highly indebted (followed closely by Ireland, Italy, Portugal and Spain).  Greek national debt to GDP ratio stands at about 120% and the budget deficit of 12.7% and growing has placed its fiscal position in jeopardy and the country is on the path to defaulting on its debt payments by the end of the year unless it is able to secure parliamentary approval for a bail-out package which was designed by the European Union and the IMF.

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