Inquiring minds are watching that economists are warning Greece that they may have to quit Euro:
Greece’s debts are rising rapidly despite radical austerity measures. Now a group of leading European economists has warned that creditors might have to write off more than 30 percent of their loans. Greece might even have to reintroduce the drachma to overcome its debt crisis, they argue. The European Economic Advisory Group (EEAG), a group of leading European economists, has warned that Greece may need another bailout by 2013 at the latest. Greece’s current savings program won’t suffice to cope with its debt problems, the EEAG said in a new report which was published Tuesday. Greece is unlikely to be in a position to refinance itself via the financial markets once the current rescue package runs out, the economists said.
Its that first sentence in the quote box…”Greece’s debts are rising rapidly despite radical austerity measures.” With all that’s been done and STILL the country’s debts are increasing at a very fast rate.
This is not going to be pretty…or, easy over the next few years. Why is it happening? Out of control public pensions.
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