by Bob Walsh
Greece has another loan which falls due on July. This is tied to their third bailout by the E.U. It is $6.7 billion and is looking like they will default.
Some of the other members of the E.U. (notably Germany) are not interesting in throwing more money into the porcelain fixture unless the IMF is going to assist. They did so in the first two Greek bailouts. They have, thus far, refused to do so with #3.
The Greek GDP has shrunk by 25% In slightly less than ten years. Its unemployment rate is around 25%.
So, will Greece be kicked out of the E.U. Probably not immediately but the outlook beyond immediately is not so hot.
They could always sell the Acropolis to Trump for a hotel.
EDITOR'S NOTE: What got Greece into this mess in the first place is that no one pays their taxes and the government does little to make the Greeks pay up.
1 comment:
Greek isn't worried. They never worry. That's why they are in this mess.
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