Readable, teachable news.
Wednesday, April 24, 2024
Greece is having a crisis over its money and its leaders. Greece’s crisis is affecting other countries in Europe.
Over time, Greece has borrowed a lot of money–more than it can pay back.
The European Union (EU) is a partnership of 27 countries including Greece.
The EU countries have been working together to come up with a plan to help Greece repay the money it owes.
If Greece can’t figure out a solution for its problems, it may go bankrupt or be forced out of the European Union.
The “Occupy Wall Street” movement is heading for Toronto and 950 other cities around the world.
In September, a poster in Adbusters magazine called for people to gather in New York to protest against big companies that make a lot of profit.
Although the protest was rather vague and unfocussed, young people came – and they kept coming.
They met in the “financial district” in New York, NY. The financial district is where many big companies have their headquarters, and where many stockbrokers (people who trade stocks) work.
It’s where a lot of profit is made.
Wall Street is a famous street that defines New York’s financial district.
Every year, Forbes magazine publishes a list of the 20 richest people in the United States.
This year, the 20 richest people are even richer than last year’s list. Together, they own $52 billion more than the top 20 did in 2010.
At the #20 spot on the list is the Mars family, the owners of the world’s largest candy company. Mars also makes Uncle Ben’s rice and Whiskas cat food.
The three family members have more than $13 billion each.
At #15 are the co-founders of Google (the company that owns the Internet search engine), Sergey Brin and Larry Page. They have $16 billion each.
Last week, Portugal asked the European Union to help it pay its debts. They did it because they owe so much money – €80-billion, or more than $109-billion Canadian dollars. (€ is the symbol for euros, the money used in many countries in Europe.)
Portugal is the third country in Europe to ask for this kind of help recently. The first country was Greece and the second was Ireland.
All three country’s leaders have suffered for their decisions about their country’s money.
