Fact: Greek crisis

According to the rules in EU, EMU cooperation gives no country to have fiscal deficits exceeding 3 percent of GDP.

Greece had last year a deficit of 12.7 percent. The government has promised that this year the deficit to 8.7 percent, through a very hard saving programs, including higher taxes, poorer conditions for public employees and raising the retirement age.

The country has a national debt of over 120 percent of GDP.

Greece is not alone in financial distress in the EU or the EMU. Spain is a clear second place, Portugal, Ireland and Italy have also much trouble. The European Commission has launched separate proceedings against 20 of the 27 EU countries.

What will happen to the euro currency? for other countries within the EU to help, after such a big economic depretion world wide, it is possible? Euro currency is likely to deteriorate and real estate prices to fall much, is my assessment