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Has Greece run out of time and money?


 

Germany and the International Monetary Fund both plan to cut off Greece as it seeks another $60 billion to avoid certain bankruptcy, reports Spiegel Online. Greece is struggling to meet the conditions of its $157 billion bailout from last March—efforts to trim its massive deficit and boost taxes were complicated by two national elections this spring.  Germany appears to have run out of patience (and political capital) when it comes to backing-up Greece, with one government minister stating, “If Greece no longer meets its requirements there can be no further payments …For me, a Greek exit has long since lost its horrors.” A decision by the IMF to pull the plug on Greece would be more worrisome, and likely mean default for the country would happen much sooner (a matter of weeks) than later.


 
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