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Financial picture in Greece unclear as prime minister steps down

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Greece’s Prime Minister George Papandreou has announced he will step down amid the country’s financial crisis. Greece is facing a 200-billion euro debt, but Papandreou stepping down could lead to an agreement that would wipe out half of Greece’s debt. WUFT spoke to Professor of Political Science and Dean of the College of Liberal Arts and Sciences Paul D’Aneiri last week about the situation. Today he says he doesn’t believe Papandreou’s decision will solve the situation entirely, but that it’s a step in the right direction.

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D’Aneiri says America’s debt crisis goes hand in hand with the  crisis in Greece.

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D’Aneiri says the debt crisis in Greece has affected the economy on a global scale impeding global economic recovery.

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Though D’Aneiri believes Papandreou’s political move will help the country’s economy to a degree, D’Aneiri also believes this is only the beginning.

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New national elections will be held sometimes after the bailout.

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