- Greek Debt Crisis Coming To Head – Contagion?
by Mark O’Byrne, http://www.goldcore.com/us/
– Greece Rapidly Running Out Of Cash – Soon Must Fold To Troika Or Default
– IMF Rebuff Greek Suggestion To Delay Repayments
– ECB’s Draghi Warns Potential “Grexit” Puts EU In “Uncharted Waters”
– Despite Threats, Greece Remains Defiant, Won’t “Budge On Red Lines”
– ECB Considering A “Second Currency” For Greece
The Greek government and its “partners” appear to be reaching the end of the road in their negotiations to release the final €7.2 billion of its €240 billion bailout deal.
Eurozone countries are demanding that the new Greek government produce a list of reforms that prove its credibility before releasing euros to them. However, Finance Minister Varoufakis is suggesting that Greece will not retreat from its red lines and did not rule out a referendum or early polls if talks remain deadlocked.
Greece is rapidly running out of cash with which to pay public sector wages, pensions and welfare payments. At the same time Greece is expected to pay €930 million which is due over the next few weeks.
It would appear as though the moment of reckoning is fast approaching. If an agreement has not been reached by Friday when the Eurogroup of Finance Ministers meet in Riga it is quite likely that Greece will default.