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GreekReporter.comEuropeMore Struggle; Worse Hardship Ahead

More Struggle; Worse Hardship Ahead

It’s a fact.  Greek political leaders have struggled to clinch an agreement on 11.5 billion euro ($14 billion) package of budget cuts that may determine whether the country remains in the euro.

Prime Minister Antonis Samaras and his coalition partners will be meeting again on July 30 to determine the savings required to receive the funds promised under Greece’s two rescue packages that total 240 billion euros. The two elections in six weeks derailed all the planned reforms, halted state-asset sales and fueled concerns over whether Greece can remain in the 17 nation euro bloc. Any failure to satisfy the troika on budget cuts and other reforms that were promised under the two packages may threaten Greece’s place in the euro.

The European Commission President, Jose Manuel Barroso said that “staying in the euro is the best chance to avoid worse hardship and difficulties for the Greek people, mainly for those in vulnerable positions…Greece is part of the European family and the euro area and we intend to keep it that way.”

To worsen the situation, Citigroup made a new forecast on the Greek crisis; it predicted that the country’s exit from the euro was lifted from 50% to 75% and said it would most likely happen in the next 2 to 3 quarters. The bank assumes a Greek exit could possibly happen on the 1st of January 2013, without that being a forecast of a precise date.

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