June 18, 2011
The government officials and economists who put together a bailout for Greece in May of last year knew there was a substantial chance the program would fail but were unprepared for how fast their efforts unraveled, putting Europe’s economy again at risk, according to people involved with the talks and others who closely followed them.
The three-year, $160 billion program was admittedly ambitious, requiring Greece to make deep cuts to its social programs, slash public payrolls and sell state-owned property and businesses.
But a year later, the initiative has fallen so far short that the country is again running out of money.
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