European Debt Crisis: Greece to Run Out of Money by August 20th

Debt crisis: Greece to run out of money by August 20

Greece may run out of money and go bankrupt by Aug 20, a British government analysis of the ongoing eurozone crisis has warned.

By , Political Editor

9:29PM BST 24 Jul 2012

The Telegraph

The beleaguered country will have to refinance billions of euros worth of government bonds in less than a month and requires international assistance — which may not be forthcoming — to repay the money.

International inspectors arrived back in Greece on Tuesday to assess the country’s austerity programme with European officials warning that it was “hugely off track”.

David Cameron is now receiving daily written updates on the deteriorating situation and was warned earlier this week that a Greek bankruptcy in the next month is now a serious possibility.

Official economic figures to be published today are expected to show that Britain suffered from a third successive quarter of negative economic growth — suggesting that the country is still in recession. If the figures are negative, it will be the longest double-dip recession for more than 50 years.

Ministers are expected to blame the continuing economic turmoil in Europe for this country’s failure to recover from the last slump.

One senior source said: “Europe is now paralysing almost every economic initiative.

“The daily analysis of the situation is filled with doom and gloom. Spain is in turmoil and Greece may run out of money by Aug 20.”

Read the rest of the article here: The Telegraph

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