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No respite for Greece: Euro Crisis

No respite for Greece: Euro Crisis

TestFunda ,  22-Aug-12
Greek Prime Minister, Antonis Samaras, will be visiting Berlin coming Friday to plea for leniency in the bailout terms.

Economists and analysts have warned the possibility of market turmoil and frustration for those who hope for a quick solution to the euro zone debt crisis.

Mr. Samaras, leading a fragile coalition, is in great political pressure to provide relief from the austerity that has made life tough for many Greeks.

Greece has been faced with continuous political turmoil and depression like economic conditions. Neither has the country been able to keep a check on government spending nor has it been able to bring about positive changes to improve tax collection and create a better business climate. 

Mr. Samaras is expected to request for a period of two years as extension period to give Greece sufficient time to meet its commitments of economic reform and budgeting. With this in mind, he is scheduled to meet with both - Angela Merkel, the German chancellor, and François Hollande, the president of France in the days to come.

The prime minister of Luxembourg, Jean-Claude Juncker, will also meet Mr. Samaras in Athens coming Wednesday.
Greece could face opposition in its bid for concessions. To add to their ordeal, Wolfgang Schäuble, the German finance minister, has expressed reluctance to grant more aid to Greece.

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