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TICKING TIME-BOMB: Greece set to run out of cash by MAY pushing Europe into ANOTHER crisis

Апрель 27, 2016    
TICKING TIME-BOMB: Greece set to run out of cash by MAY pushing Europe into ANOTHER crisis

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DEBT-ridden Greece is dangerously close to running out of cash and plunging the eurozone into a fresh crisis.

Athens desperately needs £4BILLION worth of aid from creditors but is refusing to make any further cutbacks to government spending.

The payment is part of a third bailout agreed for Greece last summer as the country reached the brink of bankruptcy and almost crashed out of the bloc.

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Now the left-wing government is resisting pressure by creditors to make unpopular economic reforms including changes to taxes and pensions that were agreed under the deal.

The country could now run out of money by the middle of May, according to Greek paper Ekathimerini.

The fiasco bares striking similarities to the chaos witnessed last year, but this time the outcome could be very different if the lates round of cash is not released.

Without the money, Greece won't be able to make crucial debt repayments to the European Central Bank (ECB) and the International Monetary Fund (IMF) in June and July.

Prime minister Alexis Tsipras is also arguing for one of Greece's huge debt to be written off in order to allow the economy room to recover.

The leader now faces growing discontent at home with former ally Zoe Constantopoulous recently starting a new political party that is against European Union policies.

The ex-parliamentary speaker is now leader of Sailing for Freedom, which is fighting for Greek debt forgiveness as well as war reparations from Germany.

Mark Reckless, UKIP Economics spokesman said: "This is a timely reminder that the Euro crisis is far from over and that if we vote to Remain we will ultimately be dragged into the Euro crisis, as into the EU's migration crisis, and the only safe vote to protect us against this is to Leave."

 


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