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Tuesday, August 27, 2013

Greece Wants To Renegotiate Bailout Terms

Yannis Stournaras, the Greek finance minister, told German newspaper Handelsblatt on Monday that Greece may seek to ease its debt burden by renegotiating its bailout terms.

The renegotiation could involve lower interest payments and more time to repay 240bn euros in loans.

The BBC reports that on Sunday he admitted that Greece may face a hole in its finances of up to 10bn euros.

As I have noted before, the only real solution for Greece's financial and social woes are for it to leave the Eurozone and devalue its currency.

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