Greece may run out of money and go bankrupt by August 20th. It sounds like the stuff of nightmares, but this is actually what a British government analysis has warned.
The analysis/report doesn’t stop there. it clearly states that the crisis-stricken country will have to refinance billions of euros worth of government bonds in less than a month and quite obviously requires international assistance, which unfortunately may not be coming. The various international inspectors who continually assess the Greek austerity programme have warned the European officials that it was severely “off track” and David Cameron is in fact, receiving daily written updates on this situation and has warned that a Greek bankruptcy is a serious possibility within the next month.
The official economic figures that are already published today show that Britain has actually suffered from a third successive quarter of negative economic growth and as was expected, the British ministers blamed the continuing European economic turmoil on Greece.
It’s no secret that the eurozone crisis is entering a dangerous new phase as most of the European leaders are preparing for lengthy summer breaks and Mr.Cameron is expected to be on holiday from August 20th onwards; apparently his summer break will be interrupted.
Following in the Greek footsteps, Spain is widely expected by financial experts to require a full scale bail out and then it’s going to be Italy’s turn.
European officials stated that “Nothing has been done in Greece for the past three or four months…the situation just goes from bad to worse and with it the debt ratio.”
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