Human Wrongs Watch
By RT*, 26 October 2012 – Exactly one year ago, the EU agreed to several extreme measures to combat the ongoing economic crisis, to mixed results. But despite its unique economic distress, Greece shows no sign of cutting back its considerable military budget.
A year ago to the day, EU leaders met to tackle debt troubles that German Chancellor Angela Merkel described as Europe’s worst economic crisis since the end of WWII. The EU spent a month negotiating the deal, which was proclaimed to have saved Greece by writing off half the country’s debt, which at the time amounted to 160 percent of its GDP.
The second aim of the package was to protect other European countries from financial instability. The EU decided to more than double the eurozone bailout fund, also known as the European Financial Stability Facility.