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Five years on Greece counts cost of bailouts and bust


economy

Five years on Greece counts cost of bailouts and bust

It is five years since Greece went to the EU for financial help for the first time. This brought about international economic oversight, the sharpest recession since WWII, and the collapse of the traditional parties and the rise to power of a left-wing government.

As the red ink piled up Greece first had help in 2010, but was back at the well in 2012. Now it says money already promised is enough, but it is not prepared to sacrifice any more to get it.

“Our life is much worse and as you can see I am quite old. My husband is a pensioner and we are not having a good life, not good at all. We cannot do anything about this but those in power must find a solution for the Greek people because things are not going well,” said an elderly lady.

“It’s a fact that things are very difficult for the Greeks. The responsibility for this lies with everyone, with those who governed, the people and the Europeans,” said one elderly man.

The Greek Economy Ministry is reportedly considering asking the EU’s rescue fund to buy Greek government bonds held by the ECB to pay for the debt redemptions due in July and August some say could bankrupt the state.

Without the final over seven-billion-euro tranche of aid many think Greece might have to default.

Eurozone finance ministers meet in Riga on Friday to review progress, or lack of it, on the Greek debt crisis.

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