Economist magazine sees early elctions in Greece
Financial magazine ‘Economist’ comments that Greece will face a credit event on July 20, when the country is called on to pay off a 2bln euro bond to the European Central Bank (ECB). The article stresses that Greece is once more on the brink of heading to an early election, a scenario all too familiar to the EU Finance Ministers.
It goes on to point out the urgency of the situation, as Greece desperately needs the next tranche of the total 86bln Euros agreed upon with its EU creditors and the IMF, in exchange for tough economic reforms. The disbursement of more cash cannot happen unless a positive review on the progress of the agreed reforms is achieved.
According to the piece in the Economist, the Greek government has enough cash to cover public sector wages and pensions for May and June. A credit event is the last thing the EU would need at this point, as a UK referendum in June on whether Britain will stay in the Common political Union is pending, while a sudden surge in the refugee crisis could create even more uncertainty over the EU’s already fractured unity.
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