Greece will not get away from bankruptcy

bankruptcy and the approval of banks reducing their loans, a move that financial markets Stattabrha bankruptcy actually Athens.
The Sunday Telegraph and The euro zone finance ministers will meet tomorrow to approve the next installment of the loans from the European Union and the International Monetary Fund designed to stave off bankruptcy for Greece, at a time the Greek government to implement austerity plan requested by creditors.

But the harsh austerity measures required by the creditors will lead to the expansion of the turmoil in Greece. It is believed German Finance Minister Wolfgang Schaeuble that any Greek government can not implement them.

The increase is darker while still ensuring that a confidential report prepared by the European Commission and the International Monetary Fund and the European Central Bank, even in the event of fulfillment Greece pledges it will not be enough to achieve the target level of debt and that Bkhvdah to 120% of GDP by 2020.

The Sunday Telegraph quoted a European official as saying that ?Schaeuble is believed that the Greeks will not be able to do what they must, even in the event of a miracle and were able to fulfill their pledges, the Sch?uble and a number of other officials are convinced that Greece will not be able to get out of the crisis.?

?The perception now is that the Government of Greece to declare bankruptcy and start formal negotiations on the reduction of the largest loans by creditor institutions. And this issue has become in the rule of when and not if.?

The paper notes that Schaeuble will complicate the situation for the Government of Athens, which sought yesterday to appear as capable of finishing the details of an austerity package.

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Confirms a confidential report prepared by the European Commission and the International Monetary Fund and the European Central Bank, even if in fulfillment of its obligations, that Greece would not be enough to achieve the target level of debt and that Bkhvdah to 120% of GDP by 2020.

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Austerity plan
The plan includes reducing the minimum wage and job cuts and a wide range in the public sector and lower health and defense budgets, which resulted in action last week to spark protests burned several buildings in the capital Athens.

The Sunday Telegraph that Athens would welcome the views of Schaeuble pessimistic. Greek officials have exchanged accusations with German officials, and accused the Greeks Berlin seeking to expel Greece from the euro zone.Schaeuble also that the views were not supported by Chancellor Angela Merkel in full where there is still seeking to prevent the financial collapse of Athens.
A European official said that Merkel believes that the bankruptcy of Greece will cause repercussions lead to collapses in Spain, Italy and other countries, and to the disintegration of the European Monetary Union. Supports this belief of Austria and Finland.

It is not expected to agree the euro area ministers tomorrow on the new package of aid from the International Monetary Fund and the European Union to Greece.

Greece must pay to $ 14.5 billion pounds by March 20 / March next before the aid begins to flow to Athens. It must also convince the lending institutions, especially banks, insurance companies and investment funds, writing off 70% of their loans to Greece.

The official said that negotiations with these institutions will need to at least four weeks to get the approval of the shareholders. Without a deal is reached tomorrow, that process will be delayed until March / March next year.

The Sunday Telegraph that the rumors of Sirte on Wall Street that banks that are beginning to develop itself to the bankruptcy of Greece after March 20 / March next with great potential not to Greece is unable to repay the loans owed by that date.

Adding to the rumors that the report of the European Commission and the International Monetary Fund and the European Central Bank about the inability to pay its debts Athens.The paper that even if Greece was able to implement all the austerity measures and economic growth has made optimistic they can not reduce the level of public debt to 120% of GDP by 2020.

But the ECB and the European Commission would support the continued efforts of the Merkel plan to save Greece, fearing financial tsunami Elimination Chamber Live Stream ? WWE Elimination Chamber 2012 Live the euro zone.

Source: http://yptuscaloosa.com/?p=31325

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