European finance officials held off last Wednesday on bailing the country of Greece out for the second time. The decision to hold off the bailout was made despite Greece's last second rush to try to fulfill the initial list of demands by the European Union after the first bailout. The denied bailout has led some Greece officials to think their days left in the Union might be over soon. The cause of the denied bailout is caused mainly because richer European nations such as Germany and the Netherlands are tired of spending their own money on a nation that hasn't put the necessary effort forward to climb out of the hole that they have dug for themselves. Another reason is that in the last 3 quarters of 2011 event stronger European economies had low quarters. The cancellation of the bailout has upset the Greek people causing riots in the streets of Athens.
The cancellation of the bailout has shown that there are two sides to helping a country out of economic turmoil. The first starts with the struggling country; the people and the government have to work together to build on the economy. With this progress it will give other countries the confidence that if they loan money to Greece that the money will be returned which counties such as Germany do not have which led to the cancellation of the bailout.
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