Greece in Great Depression, Bill Clinton calls for support
Prime Minister Antonis Samaras has said that Greece is undergoing Great Depression similar to the one American saw in the 1930s.
Greece is in huge debt and need great support and economical help, said former US President Bill Clinton during a visit to Greece as part of a delegation of Greek-American businessmen.
"You had the Great Depression in the United States, this is exactly what we're going through in Greece - it's our version of the Great Depression," Samaras told Clinton.
Clinton said, "I believe that together, we can do something to help you."
A team of Greece's international lenders will arrive in Athens to talk about the cuts needed to further rescue payments and avoid a chaotic default.
Athens is also looking to ease the terms of a 130-billion euro bailout with EU and IMF that can soften the impact on their economy.
By the end of 2012, Greek GDP is expected to fall about a fifth in five consecutive years since 2008. To overcome this Greece has hammered tax hikes, cuts and wage reductions. Unemployment has reached to a record 22.6% in the first quarter.
Greece needs structural reforms along with fiscal to reverse deep recession and tackle the Greek debt crisis.
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