The economic crisis that has stricken the whole eurozone – especially Spain, Portugal and Great Britain – is seen to result form Greece’s unbelievably huge debt. Greece's economic reforms were definitely aimed at improving the economic situation by abandoning the drachma in favour of the euro but the aftermath of this currency alteration became the reason for the country’s active contracting debts. The 2004 Athens Olympics turned up to be one of the undermining factors for Greece’s national budget. Economic recession let the government borrow more and more money with the lenders constantly increasing the interest rates. The 300 billion euro debt, along with the cutbacks in public sector payments, was outrageous for the country, but the process could not be stopped on the spot. Thus, emergency measure had to be taken – the government had to access a 110bn euro bail-out package from the European Union and International Monetary Fund. The Greek government claimed to try hard to cut its budget deficit with the help of freezing public sector workers' pay, making further cuts in civil servants' benefits, increasing sales tax and fuel duty, raising the retirement age and reduce pensions. (The plan seems to be too austere for the whole country but it is said the nation has to face these sacrifices in order to find a way out.) 
If it was only the problem of Greece, it would be all right. But everyone in the eurozone is affected with the common European currency. The whole European Union is suffering from the consequences of the economic tumble in Greece. The value of the euro went through ups and downs as a result of fears that the Greek debt crisis could spread. The euro fell to its lowest level for four years against the dollar in the last few days and share indexes relapsed enormously. What is being done today is said to have one chief goal – not to let the rest of the EU countries become integrated into the chaos reigning in Greece, for instance. EU finance ministers are looking for an optimal solution to the problem. One of the principles of the EU members’ future collaboration is to establish an effective economic crisis management mechanism. To support the currency and the countries experiencing great economic difficulties it was settled to offer a 750 billion euros – 440 bn are loan guarantees and the rest of he sum is provided by European Commission funding and The International Monetary Fund. The risk of so-called “contagion” is in the air and discussed at regular meeting and negotiations where financial specialists are speculating on the speedy solution to the situation. But still the danger of overwhelming economic crisis that is brooding over the EU can be called a matter of prime concern.  EU ministers seek better economic crisis response
EU ministers offer 750bn-euro plan to support currency
Q&A: Greece's economic woes
South east Europe vulnerable to Greek contagion
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