Skip to comments.Second Greek bailout in reach despite funding gaps (Greece debt to still be at 160% of GDP)
Posted on 02/20/2012 1:54:52 PM PST by tobyhill
Euro zone finance ministers inched towards approving a second bailout for debt-laden Greece on Monday that would resolve Athens' immediate repayment needs but seems unlikely to revive the nation's shattered economy.
Agreement on a 130-billion-euro rescue package on strict conditions would draw a line under months of uncertainty that has shaken the currency bloc, and avert an imminent bankruptcy.
As the ministers met, officials were struggling to make the numbers add up. EU sources said they had to find a further 6 billion euros, via various options, to make the financing work, and private investors might have to take bigger losses.
A report prepared for ministers by EU, European Central Bank and IMF experts, obtained exclusively by Reuters, said Greece would need extra relief to cut its debts to the official target of 120 percent of GDP by 2020.
(Excerpt) Read more at reuters.com ...
Just think, it won’t be long before we will be asking Greece to bail us out. It’s a weird world out there Charlie Brown.
The word they're struggling desperately not to use is "default".
With fuel prices going up this summer, Greece better not be counting on the tourist dollars to help them out.
Especially German tourist
dollars Euros. Calling people Nazis because they want the money back you borrowed from them doesn't tend to endear them to you.
not one condition about deregulating the onerous crushing corrupt bureacracy.
Socialists have no vision regarding the free market.
The only way Greece can save itself is to unleash the free market.