EXTRACT: In all likelihood then, with its economy spiralling downwards, Greece will need another bailout within a relatively short space of time. On March 4 Der Spiegel carried a major story saying Greece will need a third international rescue package worth €50 billion by 2015 - a viewpoint that seems to be shared by the troika itself, which has cast doubt - to put it mildly - on the idea that Greece will be able to borrow again on the international money markets come 2015.
This leaves Greece in an utterly impossible position. With sky-high debts, a recession stretching out indeterminately into the future and massive loan interests to pay, there is no way Athens can meet Brussels’ never-ending demands for austerity and ‘reforms’. A circle that cannot be squared.
This leaves Greece in an utterly impossible position. With sky-high debts, a recession stretching out indeterminately into the future and massive loan interests to pay, there is no way Athens can meet Brussels’ never-ending demands for austerity and ‘reforms’. A circle that cannot be squared.
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