Protests in Italy, G20 Summit Ends

Today, in Rome, Italy, protesters marched through the central square to attest decisions which the government, specifically Prime Minister Silvio Berlusconi, has been making. The protest was mainly caused by the Prime Minister's announcement at the G20 summit that the International Monetary Fund will be looking over Italy's austerity program. The G20 summit, for those unaware, was held this past week to address the European Union's budget crisis. The monitoring process will consist of quarterly evaluations carried out by IMF employees. There were several other important financial announcements at the multi-country meeting, such as that France and Germany will stop their financial support to Greece until certain requirements. These further cuts will be devastating for the country of Greece, which has already gone through numerous public spending reductions. For more on the Greek financial crisis, click on the link here.

This summit has brought up many discussions in many different media on how European countries should handle this economic downfall. There have been many talks of how the Greek government may have to give up their position in the European Union. Thanks to irresponsible spending by Greece as well as other countries, the value of the Euro has declined. This caused many other EU countries, such as Germany, to request that Greece either leave the EU, or cut back on various public funding. There is also the impending doom that Italy's economy may also begin to crumble under the economic struggle of the 21st century. However, they made the proper decision and looked to the IMF for assistance. Overall, the choices made throughout the G20 summit will hopefully begin to bring back the European, as well as the world's, economy.

-Nate

Sources:
EFT Daily News
Business Today
Telegraph UK
CNN