Eurozone in CRISIS: Greece set to default AGAIN and Italy panics over £270BN of bad loans…(Euro Zombie)
DEFIANT Greece has again turned down creditor demands, taking the country a step closer to another default crisis and subsequently crashing out of the eurozone.
By LANA CLEMENTS
Express.co.uk
Thu, May 5, 2016
The Greek government is at loggerheads with the International Monetary Fund (IMF) over extra state savings to be made if Athens fails to meet economic targets.
Deputy defence minister Dimitris Vitsas this week said the spending cuts were against Greek law.
He said: “We have made clear that for procedural and substantive reasons this cannot be done.”
Greece desperately needs the next £4billion of the bailout package agreed with creditors last summer when it almost went bust.
Prime minister Alexis Tsipras has already agreed to unpopular austerity reforms as part of the rescue deal, including pension cuts and take increases.
The left-wing government is trying to argue for more debt relief for his country, a move backed by the IMF but not by eurozone lenders, especially Germany.
It comes as the Greek economy remains rooted in recession and the government runs out of money.
In June and July Athens is due to make vital repayments to the IMF and the European Central Bank, which it is unlikely to be able to afford without fresh cash.
The Rest…HERE
