New York Times
September 26, 2011
After months of wrangling, Greece’s frustrated lenders are on the verge of disbursing funds to keep the near-bankrupt nation solvent.
But as investors and increasingly frantic policy makers confront mounting fears of a run on European banks, the need to bail out Italy and a second global recession, the €8 billion tranche Greece expects to receive from its creditors could well be too little, too late.
Under intense pressure from the United States, euro zone leaders spent the weekend in Washington working to craft a rescue plan to bolster sickly banks and buy the bonds of weak countries like Italy. But past efforts to bring an end to the debt crisis in Europe — including a second, €109 billion rescue plan for Greece forged by Europe and the International Monetary Fund in July — have failed to stand up. Investors remain skeptical that another plan will be any different.
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