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Like Greece, which was bailed out of an economic crisis last year, Cyprus is one of 17 countries in Europe that uses a type of currency, or money, called the Euro.

The problems for Cyprus began with the country’s banks, which loaned money to people who didn’t pay it back. Governments of other countries that use the Euro became nervous that Cyprus banks would fail if they were re-paid, and that the problems could spread to their countries.

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Over time, Greece has borrowed a lot of money--more than it can pay back.

The European Union (EU) is a partnership of 27 countries including Greece.

The EU countries have been working together to come up with a plan to help Greece repay the money it owes.

If Greece can't figure out a solution for its problems, it may go bankrupt or be forced out of the European Union.

The post Financial Crisis In Greece Affecting EU appeared first on Teaching Kids News.