Debt crisis talks continue in Greece

Posted on: February 7, 2012

The Greek debt crisis continues to keep eurozone debt issues at the top of the economic agenda. The talk of new austerity measures and general strikes seem to come and go and meanwhile fears of pumping more financial support into the Greek economy continue. Promises to deal with corruption, improve tax collection and privatise state assets in Greece have yet to take place. The IMF and EU would also like to see the number of civil servants cut by 15,000 this year, 15% cut in supplementary pensions and a 20% reduction in the monthly minimum wage of €750.

The Greek government are concerned about piling more and more austerity reforms on the Greek nation and are already struggling to meet new deadlines in cutting debt levels and their discussions on debt default scenarios have now progressed to plans for a potential exit from the euro. France and Germany are insistent that a potential second bailout of €130bn will not happen unless harsh new austerity reforms are agreed and implemented. With the continuing failure to meet new debt deadlines and new austerity reforms, time and patience is clearly running out for Greece.