Germany’s Spiegel reports today that Greece is seeking more time to meet the conditions for the €130 billion bailout package that the country agreed to in March. The report claims that such a request would require an additional €10-€50 billion in aid to Greece, an amount that Germany will not provide and that the IMF is unlikely to offer.
The report also cites Germany’s economy minister Philipp Rösler:
“If Greece no longer meets its requirements there can be no further payments,” he said in an interview with German public broadcaster ARD. “For me, a Greek exit has long since lost its horrors.”
Greece is reportedly seeking an additional two years to meet the terms of the March bailout, citing delays caused by the recent election as the reason.
The European Commission, the European Central Bank, and the IMF (aka, the Troika) are currently reviewing Greece’s progress toward the reforms it agreed to in March and the outcome of that review will determine whether or not Greece receives the next €31.5 billion installment in October. Without it the country is certain to run out of cash quickly.
Whether or not the Eurozone can kick Greece out is debatable. What is not debatable is that if Greece collapses, investors in Spanish, Italian, and other peripheral nations’ will be lined up for their money the next day. The Eurozone cannot afford to let that happen — and neither can the US.
Paul Ausick
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