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Wednesday, August 22, 2012

Greece Pleads For Time

As I noted on Monday, Greek Prime Minister Antonis Samaras is asking Eurozone leaders for Greece to be granted "a little room to breathe" on its austerity targets.

Interestingly he is not asking, as yet, for more money. The Telegraph quotes him:
"Let me be very clear: We require no additional money.
All we want is a little room to breathe, to get the economy going and to increase government revenues. 

More time does not automatically mean more money." 
All very well, maybe. However, as I also noted on Monday, there is a Euro3.5BN black hole in Greece's fiances for 2013/14.

Where will the money come from to fill that?

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