Greece 'may cut spending further'

http://news.bbc.co.uk/2/hi/business/8517319.stm
Blog#3
Description-

1)Cost-cutting proposal: Is a plan by the Greece government to lower the spending in the country by raising taxes.
2)Eurozone: A geographic and economic region that consists of all the European Union countries that have fully incorporated the euro as their national currency.http://dictionary.reference.com/browse/eurozone
3)Currency: Means by which some countries try to defend their currency from speculative attack.
4)Mr. Junker: "Jean-Claude Juncker (born 9 December 1954) is a Luxembourgian politician, the leader of the Christian Social People's Party. He is the incumbent Prime Minister of Luxembourg, having succeeded Jacques Santer on January 20, 1995. He is also currently Luxembourg's Minister for Finances, a position that he has held since 14 July 1989. He has served two..."http://www.daylife.com/topic/Jean-Claude_Juncker
5)Luxembourg: Prime Minister of Greece.

Analysis-

This article is self explanatory. Basically if Greece does not stop spending they will be in an even greater debt than they already are. The Prime Minister Luxembourg wants a back up pain just in case there will be an economic down fall. Other politicians like Mr. Juncker feel that there is no need to prepare for the worst. in conclusion to this article a plan must be made by the dead line in March.

Explanation-

Greece is seeking a financial rescue package from fellow eurozone members as it tries to reduce its giant public deficit from 12.7% - more than four times what single currency rules allow.The plan is to reduce the percentage to 8.7% in the year 2010 by cutting public spending. If those plans do not work then the government will go into higher measures by increasing taxes.

Prediction-

If the spending continues to occur the economic down fall with not only effect Greece but the world as a whole. All the nations in the world will be effected by the change. i believe more problems will seep to the surface if we do not cure the main issue or peoples spending.