Greece has disappointed its creditors yet again. Now its
government plans to ask for more time -- and needs billions more in aid.
But Greece's euro-zone partners are unwilling to provide any more help,
meaning that the only hope now is to admit defeat and let the country
make a fresh start.
Officially, at least, everything is going according to plan. In September, officials with the troika -- made up of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) -- are planning to travel to Athens to check on the progress that Greece has made with its cost-cutting program. Then, according to the plan, they could disburse billions more in aid out of the second bailout package for Greece, which the euro-zone countries and the IMF agreed on in February.
But, in reality, it is rather unlikely that all of the €130 billion
($160 billion) in the bailout package will ever be paid out. And what is
even more unlikely is that the money would keep Greece from going
bankrupt.
Read more: http://www.spiegel.de/international/europe/commentary-bankruptcy-is-the-only-thing-that-can-help-greece-a-850250.html
Officially, at least, everything is going according to plan. In September, officials with the troika -- made up of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) -- are planning to travel to Athens to check on the progress that Greece has made with its cost-cutting program. Then, according to the plan, they could disburse billions more in aid out of the second bailout package for Greece, which the euro-zone countries and the IMF agreed on in February.
Read more: http://www.spiegel.de/international/europe/commentary-bankruptcy-is-the-only-thing-that-can-help-greece-a-850250.html
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