by Colin Fox
Greek Prime Minister Alexis Tsipras in Government for 5 months faces the same dilemma over and over and over.
Greece owes 330bn Euro’s to the IMF/ECB/EU and has no way of paying it back. For the umpteenth time he stood on the precipice again this week, looked over and backed down. If anything his situation only gets worse. The Greek economy has shrunk 25% in the last 5 years, it is currently in recession again and shows no sign of recovery. Yet next week Tsipras has to pay the International Monetary Fund [IMF] 1.6bn Euros. If he cannot do so he loses the 7bn Euros promised to Greece under the terms of previous loans.
The Greek economy simply cannot afford the loss.
Read all of Colin’s article on his blog, HERE – and the previous report he gave during his time in Athens. Podcast 1, Podcast 2