Grekland, Tyskland och IMF vid avgrundens rand

The Greek government's budget deficit is bigger than expected and currently amounts to some €20 billion ($26 billion), according to preliminary estimates by the so-called troika made up of the European Commission, European Central Bank and International Monetary Fund, SPIEGEL has learned.

The figure is almost double previous estimates.

The next tranche of EU aid can only be paid out to Greece when that budget gap has been closed. 

Meanwhile a row has erupted between the German government and the European Commission over when the decision will be taken on whether Greece will get any fresh money at all.

The Commission wants a decision to be reached at the next EU summit on Oct. 18-19. But Berlin says there won't be reliable figures available until November at the earliest.

Greece, which is almost bankrupt, needs the troika's approval on the spending cuts to ensure the release of the next tranche of aid. Without that money, it will have to default and may have to leave the euro zone. 

Der Spiegel, 24 September 2012

Mitt tips, IMF får hålla i yxan

 "I won't take part in pushing Greece out of the euro. That would have unforeseeable consequences, Angela Merkel

Grekland - Tyskland 




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