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Thursday, February 18, 2010

One Month Breathing Space

Greece has been given a one month breathing space by the EU, before a decision is made as to whether to order Greece to introduce more austerity measures.

Greek Prime Minister, George Papandreou, claims that all Greece needs is time and it does not want European taxpayers' money.

"What we want is political support to end profiteering and the defamation of our country."

Fair enough, maybe.

However, given the fact that the previous Greek government committed fraud and was involved in some seriously questionable deals with Goldman Sachs, what does he expect?

The least worst option is for Greece to leave the Euro, and approach the IMF for funding.

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