Greece Edges Toward Another Crisis as Bailout Quarrel Persists

by Dramelin 8:30 PM 0 comments

Failure to resolve the latest standoff before the summer could mean that Greece may not be able to meet debt payments due in mid-July.
Greece is set to miss yet another deadline for unlocking bailout funds this week, edging closer to a repeat of the 2015 drama that pushed Europe?s most indebted state to the edge of economic collapse.
?The Greek recovery is once more significantly delayed by politics,? said Nicholas Economides, a professor of economics at New York University?s Stern School of Business.
Unemployment rose in the last quarter of 2016, the economy unexpectedly contracted, and a bleeding of deposits from the nation?s battered lenders resumed.
Greece resists calls from the IMF to cut pensions furtherStalled bailout reviews and acrimony between successive governments and auditors representing creditor institutions are all too familiar themes in the seven-year crisis that has reduced the Greek economy by a quarter.