Greece fails to reach private bondholder deal; ministry responding to crisis

By January 25, 2012

Athens (MNN) — Greece failed to reach a deal with private bondholders yesterday. The deal would have helped cut the country's massive debt.

The nation will need to make a deal soon to ensure funds from a rescue plan arrive before bond redemptions fall due in March, reports the Toronto Star.

Yesterday's failed deal was an extreme let-down, and a final decision will need to be made in the next few days.

"The challenging factor is the interest rate of the new gigantic international loan which will be provided to Greece," reports Fotis Romeos with AMG International from Greece.

Despite the let-downs piled on top of years of mounting economic crises, many government officials–and even International Monetary Fund chief Christine Lagarde–seem optimistic that a deal will be made.

While the government may be hopeful, there is increasing concern in Greece. The current unemployment rate for 18- to 28-year-olds is 45%, and many families continue to feel the economic blow more each day.

Whatever happens in the next few days, there is a long road ahead for Greeks.

Christians are responding to the worries and despair. Believers are bringing the true message of hope to Greeks by boldly spreading the Gospel.

More than that, AMG has plans to launch a TV Web site with 24-hour programming in order to serve the spiritual needs of people during the difficult times ahead. The programs will provide practical advice and alternatives to negative media presentations of the situation.

AMG has a thriving ministry in Greece, including a running a hospital. Read more updates from AMG Greece here.

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