News In Brief

Greece’s troubles look worse on debt revision

Melissa Kaplan Apr 22, 2010

The European Union came out with a revision of Greece’s budget deficit which was worse than previously expected: Greece’s deficit was 13.6 percent of GDP last year. The news pairs with another strike by tens of thousands of Greek public workers demanding the government not cut spending as it continues crisis talks with the E.U. and IMF.

Investors are not encouraged by the news; European shares are down in trading. Marketplace Senior Editor Paddy Hirsch was similarly shocked when he came to Bloomberg’s report this morning:

Things are looking bad for Greece. Again. It’s getting more and more expensive for the country to borrow money. Yields are scorching to new all-time highs on news the E.U. statistic office has discovered Greece’s deficit last year was higher than originally thought. Moody’s just downgraded the country’s debt, workers are going on strike, and everyone is once again looking at Germany asking, “whaddyagonnado?”

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.

Latest Episodes From Our Shows

7:59 AM PDT
9:34
3:00 AM PDT
7:54
7:57 AM PDT
1:50
Sep 21, 2021
26:33
Sep 21, 2021
30:05
Sep 21, 2021
3:40
Aug 26, 2021
34:03