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Greece Could Run Out Of Money By Mid-October

Greece Could Run Out Of Money By Mid-October
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The possibility of Greece defaulting on its debt and setting off an economic crisis not only in the euro zone but throughout the world again looms. While acknowledging Greece’s efforts to impose austerity measures and privatize state assets to raise funds, European finance ministers have decided to delay giving Greece the next $8 billion installment of a bailout payment until October. Luxembourg prime minister Jean-Claude Juncker had called the meeting of the eurogroup ministers in Wroclow, Poland, on Friday.

The Greek government responded with “incredulity,” says the Guardian. Greek authorities say their country will run out of money by mid-October and are starting to make plans to lay off public sector workers.

EU Finance Ministers Dismiss Geithner’s Advice

US Treasury Secretary Timothy Geithner had been invited to the meeting to offer advice about fixing Europe’s debt crisis and financial problems, says the New York Times. But his suggestions to do more — to add a large enough amount of money to the 440 billion euro European financial stability facility (EFSF), so the EU can prop up banks and nations harnessed with debt — were met with the equivalent of a cold shoulder. Maria Fekter, the finance minister of Austria, said, “I found it peculiar that, even though the Americans have significantly worse fundamental data than the euro zone, that they tell us what we should do.” As the Guardian relays,

[Fekter] said there had been particular disagreement over suggestions that Europe should commit more money to fighting the crisis. When German finance minister Wolfgang Schäuble explained that would not go down well with taxpayers and that the only way to fund it would be a financial transaction tax, Geithner ruled any such tax out. “In these countries, there is a desire for a transaction tax,” Fekter said. “[Geithner] ruled that out.”

Ian Bremmer, president of Eurasia Group, a political consulting firm, says that the US now has “diminished credibility” after the deadlocked negotiations about the US debt ceiling in August. Sheila C. Bair, a senior advisor at the Pew Charitable Trusts and a former chairwoman of the Federal Deposit Insurance Corporation, said that a “joint effort” between the US and China might help to persuade Europe.

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107 comments

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10:43AM PDT on Oct 3, 2011

Greece ran out of money long ago, Argentina here we come!!!

10:25AM PDT on Sep 20, 2011

People in Greece are suffering - something needs to be done -

2:45PM PDT on Sep 19, 2011

The same mindset that created the present recession in the world are now charged with solving it, and they are clueless. They did not see it coming while anyone with a IQ above that of a cockroach and the dogs in the street knew it was happening. they are now trying to solve our problems with failed policies. the only way any of these countries can pay off their debts is by creating jobs not putting more on the dole.
The world needs to change its ways and realise that wealth is created by employment, that is sustanable and not by the quick buck mentality.

9:24PM PDT on Sep 18, 2011

Noted!

2:44PM PDT on Sep 18, 2011

When will people wake up. Businesses need to be regulated. They will not do the ethical thing unless they are made to; and that is what has happened to the world economy. And governments have to give better "financials" to the people and more often so we know where our money is being spent, what programs are being funded, what is being saved, etc., etc.

After all has been said and done I think the Europeon Union is a failure and it failed because of greed among each country by adding countries they should not have added. I also believe if any stimulus money is giving to anyone anywhere again, it should be given to the people.

8:53AM PDT on Sep 18, 2011

@ "Andrew C." - Perhaps it is just me, but you seem to be suffering from "Multiple-Persona" Disorder. What's with your never ending changing identity/screen name/profile?

5:12AM PDT on Sep 18, 2011

Inefficient, croaky systems that support pain, frustration and disparity through waste and poor values need to collapse so that people can embrace healthy, alternative ones.

2:31AM PDT on Sep 18, 2011

One thing the Greeks do have is brotherhood and loyalty between brothers. Maybe that will help them to survive.

1:37AM PDT on Sep 18, 2011

Gee whiz, USA is running out of money or we are already out; if it weren't for those printing presses running 24 hrs. a day.

Expect the same what you see in Greece, Italy, Spain, etc. to be here soon. More unemployment, more discontent!

11:51PM PDT on Sep 17, 2011

We all need to watch and learn..this could be us soon enough..and get rid if the federal reserve system.

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