International Business in the News Write-Up Article

International Business in the News Write-Up - Article Example Information provided in this article blends well with the issues covered in class about the EU debt crisis in general. MAIN IDEAS IN THE ARTICLE In this article, Tzortzinis explores the current economic crisis in Greece since its inception, the role played by its ratification to the European Union Agreements and attempts that have been made to rescue the situation including political changes and proposed in the EU agreements. RELATION OF THE ARTICLE’S IDEAS TO MATERIALS DISCUSSED IN CLASS Tzortzinis provides an in-depth analysis of the economic situation in Greece and the actions that have been taken and currently being contemplated in rescuing the country’s economy from the eminent collapse. The author discusses the country’s economic crisis that has brought the Greek’s government down, increased social unrest, and eventually threatened not only the country’s future in the EU but also the future of the euro. This information closely relates to the video entitled â€Å"Greek Debt Crisis Adds New Gravity to U.S. Deficit.† Information of particular interest in this article revolves around the current attempts by the new Greece government to re-negotiate the bailout agreements reached by the previous government with the EU economic giants such as German and France. Tzortzinis discusses the debt restructuring deal reached by EU officials in March 2012 in which the private sector lenders are greatly involved. The discussion supports the discussion on the implication of the Greece economic crisis on the U.S. economy because the deal poses significant threat to the U.S. economy due to its economic interest within the Eurozone. It is argued that the debt restructuring deal does not have the potential to solve the country’s economy crisis. This is because the deal exposes opens the journey for the country to languish in a chain of debts with limited economic growth prospects. In the video, â€Å"Greek Debt Crisis Adds Ne w Gravity to U.S. Deficit.† Jacob Kirkegaard, one of the respondents to Judy Woodruff’s questions, expresses significant concerns on the restructuring deal reached by the European officials in which he says that it is likely to trigger a situation in the country’s economy similar to that of the U.S. 2008 financial crisis. According to Kirkergaard, the proposed bond issue strategy has far- reaching implications to the global financial system including the U.S. economy. As asserted by the economists in the video discuss, any default experienced in the Greek domestic banking system is likely to be experienced in other countries like Spain, Portugal and Ireland. These views are clearly expressed by Tzortzinis in his article. He expresses views that support the argument presented by Kirkergaard, in which the steps taken by the troika are unlikely to resolve the economic crisis in Greece simply because the country’s debts will continue to grow at the expense of the troika’s interests. Therefore, most of the information presented in the selected article tends to provide a strong background support to the ideas presented in the video watched in class and the class discussions on the potential impact of the Greek debt crisis on the U.S. economy. In the video featuring Professor David Cameron on the EU debt crisis, views similar to those presented by Tzortzinis arise in which the debt crisis faced by EU members