Greece Keeps Delaying Compliance With Bailout Mandate And Now Faces Running Out Of Money...Again

Friday, July 27, 2012 07:03
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Greece Keeps Delaying Compliance With Bailout Mandate And Now Faces Running Out Of Money...Again

Tags: European crisis | European debt | world economy

The Greek troika of coalition government leaders is scheduled to meet July 30 to assess how much would have to be saved to meet the conditions mandated to receive bailout funds. The president of the European Commission urged coalition leaders to deliver on the promises they made to meet the conditions.

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Greece’s international creditors are becoming impatient and want to see Greece fulfill its promises instead of making more promises to act. Greece once again is at the point of running out of money if it does not receive the €4.2 billion that were scheduled to be received last month.
 
The payment would have been the first installment of a €31 billion transfer but no funds will be disbursed until Greece comes up with a way to meet the conditions imposed. The new coalition leaders are trying to sell assets to reduce debt and to finance the additional two years needed and agreed to by creditors to get the country on more solid economic footing.
 
But they are also trying to avoid additional pension cuts, the first of which put the country into recession. The continued delays and the newest threat of running out of money has Citigroup increasing to 90% the likelihood that Greece will leave the euro.

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