February 20, 2012
The Greek people and their government were on Monday being made to sweat at the hands of European finance ministers for a €130bn (£110bn) bailout to save the country from bankruptcy and the eurozone from collapse.
Hardline demands from northern European governments dampened initial optimism that the eurogroup of 17 finance ministers would sign off on a second rescue package for the stricken Greek economy in less than two years.
Jean-Claude Juncker, the prime minister of Luxembourg, who was chairing the meeting in Brussels, had said on arriving: "I am of the opinion that today we have to deliver, because we don't have any more time".
The brinkmanship came amid conflicting assessments of the likely impact of a Greek debt default, with some arguing it would provoke runs on banks and a pan-European depression and others insisting it would swiftly be contained and ultimately encourage new Greek competitiveness.
More
No comments:
Post a Comment