Europe’s financial problems were pushed off the front pages for a few days as Hurricane Sandy roared up the East Coast. But they did not go away, and they may have worsened.
The debate over whether the Greek economy can recover during this decade has become more fractious. Many European finance ministers are convinced that the depression of the nation’s gross domestic product will make any progress impossible. That means the current sum of aid money will be well short of what is necessary. The problem arises once again whether Greece should have more time to get its house in order, which could involve another write-down in its bonds. The matter of Greece needing much more aid may be put off until later — kicked down the road.
European officials are grappling over ways to fill Greece’s financing gap two weeks before a decision is due on whether to give the country a further round of emergency funds. While German Chancellor Angela Merkel has signaled her desire to stand behind Greece’s euro membership, Samaras’s coalition is still at odds over the steps needed to secure more money.
Douglas A. McIntyre
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