February 2, 2012
Pressure on Greece's recession-stricken economy has intensified after international debt inspectors admitted an additional €15bn (£12.5bn) would be needed to fill a newly discovered black hole in the country's finances.
On a day when Ireland's government reduced its growth forecast and Madrid told Spanish banks to raise an extra €50bn to cover toxic assets, Brussels officials said European countries and state-owned banks would be asked for contributions to help Athens out of its fiscal troubles.
The fresh evidence of Greece's desperate financial plight came as it continued to discuss the terms of a deal with private sector creditors aimed at writing down debts by €100bn, and was an admission that the "haircut" being taken by banks, hedge funds and insurance companies would not be enough on its own to remove the risk of a default.
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