Tagged: Greece

Near the port of Piraeus and about 10 miles west of Athens, Perama developed after the Greek civil war of the 1940s, growing prosperous in the 1980s thanks to the ship-repair industry.

But now, the once-bustling piers are deserted. A few rusting skeletons of unfinished boats stand outside empty, abandoned warehouses.

That's because business migrated to low-cost Turkey and China, and in a few short years, industry jobs dropped from 4,500 to 50.

The important takeaway from this morning's news about Europe's financial mess:

It seems less likely that Greece will go bankrupt and more likely that it will get another international bailout that hopefully will shore up the nation's economy and prevent a domino-like tumble of other ailing European nations and the unsettling repercussions that could have for the U.S. economy.

As The Associated Press writes:

At the Museum of the Olympic Games in Olympia, Greece, lush pine trees and olive groves are filled with chirping birds. The one guard at the site looks nervously at the few visitors.

There is still a sense of shock in Olympia following the theft last month at the museum, when armed robbers broke into the building and tied up the single guard on duty.

Archaeologist Kostantinos Antonopoulos says they ran off with 77 priceless objects, including votive figurines, chariots and horses.

Stock prices rebounded somewhat Wednesday, one day after their biggest sell-off of the year. What caused prices to plunge Tuesday was an all-too-familiar problem: the Greek debt crisis.

European officials have cobbled together a deal to keep Greece from defaulting, and investors all over the world who hold Greek bonds are weighing their options. They're worried about what could happen if they reject the deal.