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Monday, May 28, 2012

Greece Seizes Up

As Greece spirals downwards towards financial oblivion, the caretaker government has suspended rebates and payments to suppliers of the public sector.

Additionally, according to The Slog, all loans by banks to any business, regardless of viability, have been stopped. The reason being that there has been a combined rush for credit alongside a massive hemorrhage of withdrawals from bank accounts.

Unsurprisingly, foreign companies importing to Greece are asking for cash in advance.

It is clear that this situation is unsustainable.

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