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Money lenders put pressure on Greece for more cuts

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Money lenders put pressure on Greece for more cuts


Greece’s money lenders have put pressure on the Greek government to implement further cost-cutting measures or face a disorderly bankruptcy and exit from the euro.

The debt-sick country has been surviving on cash handouts from the troika the European Union, the European Central Bank and the International Monetary Fund.

Simos Kedikoglou is a spokesperson for the Greek government:

“The Prime Minister has been informed by the troika representatives of their discussions and the initiatives that need to take place in order to get the Greek programme back on track.”

Athens has suffered a 20 percent contraction of its economy in the last five years something that has been compared to the Great Depression in the US.

Theodore Krintas is managing director of Attica Wealth Management:
“I think it is very, very important during the meeting, the markets to get the reassurance that the coalition government is there, their will is there in order to implement the measures and that no surprises will actually appear. My personal view is that this is what exactly will happen.”

Greek unions have been passionately opposed to the income cuts since the crisis hit and the head of the main GSEE union said he disagreed with everything the troika said in the meetings.

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