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Worse yet to come in Greece's debt repayment calendar


Worse yet to come in Greece's debt repayment calendar


As there are signs the Greek government is in the middle of an embarrasing debt climbdown, there are few signs it will be rewarded with fresh offers of help.

A feeling of there being no sense throwing good money after bad appears to be taking hold among Greece’s Eurozone partners. It bodes ill for the future.

“Germans and the Europeans, but principally the Germans have bailed out Greece. Their taxpayers are tired of bailing out anybody. A failed state inside within the eurozone would send a message to the other members of the eurozone that they have to clean up their acts more. That’s a dangerous game of chicken,” says Sonecon’s Robert Shapiro.

In July the screw turns even further on Greece’s finances with three debt repayments totaling nearly seven billion euros, which today looks like an unscaleable mountain. A default on these payments would be far more serious.

Capital controls have been in place on Greek banks since the weekend after tens of billions of euros flowed out of the country to safer havens during 2015, and ATMs are only giving out limited supplies of banknotes. Many banks have reported supplies of cash are short.

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