Debt crisis in Europe does not go through yet

Debt crisis in Europe does not go through yet

A group of swimmers at a Ft. Lauderdale, Fla., beach had some special company in the water on Sunday: five or six manatees, swimming amongst them in the shallow waters by the shore.
"It was not only a miracle, it was a gift," Gina Hossack told the Sun Sentinel. "It made us feel amazing that we were able to witnesses such a thing, who gets to see something like that?"
Greece has been at the center of a political and economic struggle that threatens many of Europe’s economies. It remains unclear if Greece will continue using the euro or if its Eurozone partners can enact reforms needed to hold the currency group together.
On the day the Olympic flame was lit, Greek Socialist leader Evangelos Venizelos began an attempt to form a new government. It marked the third attempt to form a government this week after parliamentary elections last Sunday.
First, the conservative New Democracy party attempted and failed. Then the leader of the leftist Syriza coalition, Alexis Tsipras, also failed. He said that the election results showed the Greek people had rejected deep budget cuts required by international creditors.
The manatees reportedly hung around the area, which was cleared by lifeguards, for about 30 minutes before heading back out to deeper waters.
Hossack snapped photos while her husband, Craig, used his iPhone to capture the incredible manatee video below. "Wow, that's awesome," he can be heard saying on the video, as delighted fellow witnesses squeal with delight.
Mister Venizelos heads the PASOK party, which took third place in the elections. Experts have questioned whether he can form a government. That means the Greek President may ask parties to form an emergency coalition. If that does not work, new elections could be called.
But for Greece, that could mean pain from its Eurozone creditors. They could deny future payments from the financial rescue plan agreed to in February. The agreement is worth about one hundred seventy billion dollars in loans and cancelled debt. The rescue is the second and largest for Greece since its debt crisis began in two thousand nine.
On Thursday, Euro-area governments released a five billion five hundred million dollar loan to Greece. But Greek officials were reportedly unhappy that over one billion dollars was withheld. The failed efforts to form a government have raised concern that reforms can work in Greece. The country is now in its fifth year of recession.
German Chancellor Angela Merkel spoke to parliament in Berlin Thursday. The leader of Europe’s biggest economy said borrowing to get growth would be a step backward.
 "Growth through structural reform is important and necessary. Growth through debt would throw us back to the beginning of the crisis." And said the industry.