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Wall Street Journal: Five Years After First Bailout, Greece Back on the Brink

Athens and its creditors reach another impasse, with time running out to avoid bankruptcy

ATHENS—Five years into the biggest bailout of a debtor in history, Greece is closer to the brink than ever, with time running out to avert a bankruptcy that could destabilize not only the eurozone, but the global economy as well.

When Europe and the International Monetary Fund first agreed to bail Greece out on May 2, 2010, the plan was to return Greece to growth and bond markets within three years.

Instead, after half a decade and €245 billion ($274 billion) in promised loans, the two sides have reached an impasse. Although Greece has come close to financial meltdown before, the ideological divide has never been deeper.

Update: Greece braced for weekend of unrest as cash crunch nears -- The Telegraph

WNU Editor: Greece is now more in debt than where they were 5 years ago. If this is progress .... I can only imagine what another 5 years will produce.

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