An currency of $366 billion may be needed as a emergency aid to euro countries including Greece,Ireland and Portugal. The emergency aid may be need to avoid the default and to clear the debt loads which may be more than size of economies. The debt which is biggest till now is Greece debt at 143% of the gross domestic product and will become more than 158 for present year. The total economic surpass of Portuguese debt the present year and is the first time for the year and is growing GDP of 101.7%.
Boosting aid has been considered by European Union officials for Greece for the year after the bailout of 110 billion -euro. As per as recent reports the debt level of these countries are becoming a bit manageable accodring to the European news reports. The borrowing costs are increasing and left the financial markets of these countries to shut as investors feel Greece will first euro member to default. According to EU economic and Monetary Affairs Commissioner Greece has been under serious situation and shown a weaker growth last year. Deficit forecast has been shown by European commission and predicted the shrink of Greece and Portugal.
To reduce the deficit austerity measures have been taken and hence Greece saw a expansion according to data shown. To restructuring the Greece debt European Commission and European central bank have stepped up in the opposition. The devastating implications may be faced due to this as Chiefs from Euro meeting on May 16 as an additional aid. Now or then Greece will be undergoing restructuring according to the senior equity strategist as Greece facing a tough condition. Last year Ireland deficit was about 32% and forecast of this year will be 10.5% whereas Portugal will have 5.9% deficit.