Cutting Up Rough; The Costs of Greek Exit  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 403 no. 8786 (May 2012), page 28-29.
Topik: Economic Conditions; Politics; Economic Reform; International Relations; Bailouts

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.72 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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It could come sooner; it might well drag out longer; it can still be averted: but the week following the next Greek election on June 17th still looks set to be the time when the euro zone's debilitating fever peaks, and the patient's prognosis becomes clear. That election could well produce a government determined to renege on or radically renegotiate the reforms and austerity measures its predecessor committed the country to at the time of the second bail-out, earlier this year. If that happens, the rest of Europe will have to decide whether to be party to those negotiations or to walk away. If European leaders follow through on their threats to enforce those terms, the flow of bail-out money to the Greek government will stop. Since March Greece has received half of the EUR 145 billion ($185 billion) it is due to get from the European Financial Stability Facility (EFSF), the euro area's temporary rescue fund, by the end of 2014. And it has received a first payment of EUR 1.6 billion out of a total EUR 28 billion due from the IMF by early 2016. Although the Greek government is close to running a primary budget surplus (ie, before interest payments) it still needs further official loans to honour obligations due this year.

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