10 May 2012

GREECE / EUROZONE : With $517 Billion Owed...Athens Has Powerful Block Against More Austerity.


     Athens currently owes the IMF, the ECB and others...a staggering...E400 billion/$517 billion!
    Powerful incentives...to get Germany's Merkel to ease up on her constant austerity demands...and renegotiate the harsher terms of the Greek rescue package.
    Greece needs help stimulating growth.
    Its GDP has withered by 14% in just 3 years...even as Germany's leaders demand more drastic cuts.
    A UK economist puts it succinctly : "Greece has some strong cards to persuade them to go easy on austerity. Everyone fears a Greek departure from the euro because they'll' lose money and lose political capital."
    TO READ: OPINION: Germany can't save the Euro: