It’s tough in Greece. The economy is on its knees and the Greek Government must pass new austerity measures to trigger the release of more bail-out cash from the EU and IMF. Without this additional injection of cash it’s going to be incredibly hard for the country to stay afloat.
The numbers are mind-boggling and without doubt there is going to be a lot of pain because the programme of proposed tax increases and spending cuts amount to 28bn euros (£25bn) over five years and that’s in addition to a raft of new tax rises.
If the Greek Government passes the austerity package then it’s likely there will be a short-term respite not only for the people of Greece but also the euro as a whole. It’s decision time this week but it’s by no means a done deal.
At USB2U we’re trying to do our bit to help by sending a couple of our team to the Greek islands. They won’t be arriving with huge bags of cash (or boxes of USB memory sticks) but they will be there to spend their hard earned money in the local restaurants, bars and hotels – depending on how things go this might actually translate into a sizeable cash injection.
We’ll miss them whilst they are gone but as a responsible employer we are keen that they get a proper break and come back with their batteries charged. If they can do something to assist the local Greek economy whilst they are away then so much the better!
If the Greek economy can be stabilised and the markets in Europe begin to show signs of settling down it should help strengthen the £ (GBP) and euro against the $ (USD) and ultimately this will drive down the cost of USB memory sticks. Because most USB sticks are manufactured in China the default trading currency is the $ (USD) so any financial weakness in Europe drives up prices.