The debt problem in Greece is causing problems for the country again. And, once again, there is fear these money problems could spread to other countries around the world.
This time, some people in Greece have begun taking all their money out of the country’s banks because they’re worried about what will happen to the value of their money if Greece stops using the euro.
The euro is a currency, like the dollar, and it is used in many countries in Europe.
But Greece has borrowed a lot of money that it is having trouble paying back, and there have been talks about whether Greece should be allowed to keep using the euro.
Now there are worries that if enough people take their money out of the banks in Greece, those banks won’t be able to stay in business.
If those banks go out of business, that could cause problems for banks in other countries, such as Spain and Italy, that do business with them. Problems in those countries could spread to other nations, including those in North America.
“These are not good developments; this can create a shock that will affect Canada,” Jim Flaherty, Canada’s Minister of Finance, said in Ottawa this week.
Greece’s banks have lost 72 billion euros since the start of 2010. That’s about 30 per cent of the money the Greek people had deposited in their country’s banks.
Some people who have taken their money out of Greece’s banks have used it to buy property such as houses outside Greece, or put their money into banks in other countries. Others have bought gold, while some people are just holding onto their money at home.
The money problems in Greece have already led to pay cuts and lost jobs. Now the country is also having trouble electing a government to help them try to fix the problems.
By Jonathan Tilly
If you were living in Greece during these challenging times, what would you do with your money? Reread today’s article to consider some options.
Reading Prompt: Comprehension Strategies
Type “Greece” into TKN’s search window. Press “enter.” Many articles will be listed about the economic challenges Greece has faced recently. Read two of these articles.
How did this additional information change/add to your understanding of today’s article?
Primary & Junior
Identify a variety of reading comprehension strategies and use them appropriately before, during, and after reading to understand texts (OME, Reading: 1.3).
Identify a variety of reading comprehension strategies and use them
appropriately before, during, and after reading to understand increasingly complex texts (OME, Reading: 1.3).
Grammar Feature: Spelling (The Silent “b”)
When spelling a word in English, it is important to always keep an eye out for silent letters. I once had a teacher who taught me an expression to help me remember which words have a silent “k.” He’d say, “Jonathan, don’t knock your knee on the door knob!”
Today’s article includes the word “debt” which contains a silent “b.” There are many other English words that also contain a silent “b,” including: bomb, climb, crumb, comb, doubt, dumb, lamb, thumb, and tomb.
Create an expression to help you remember which words include a silent “b.” Share it with a friend.