❯
Effects of the Greek Bailout on E.U. Development Aid
DEVELOPMENTS The financial situation in Greece has become the biggest threat to the process of European economic integration that began more than half a century ago. Greece recently sought and received assistance from the International Monetary Fund (IMF), marking the first time the IMF has bailed out an European Union member state. As the world's largest donor of international development aid, Europe plays a critical role in global efforts to reduce poverty and achieve universal education, gender equality, and improved health care. Considering that over half of all development aid worldwide comes from Europe, any potential reduction in European aid is likely to have wide-ranging consequences for many living in the world's poorest nations.