Apocalypse 2010: Signs of the end in Current Events: So the charade continues: More time for Greece to meet Austerity goals (what about Ireland, Portugal, Spain, Italy, Europe, World?)

Monday, June 18, 2012

So the charade continues: More time for Greece to meet Austerity goals (what about Ireland, Portugal, Spain, Italy, Europe, World?)

Relieved Europe hints at more time for Greece | Reuters

A protester holds fake money next to a wall of sandbags built during a protest against financial speculations in front of Frankfurt's stock exchange June 17, 2012. REUTERS-Alex Domanski

A mother and her child leave the voting booth at a polling station in Athens June 17, 2012. Greeks voted on Sunday in an election that could decide whether their heavily indebted country stays in the euro zone or heads for the exit, potentially unleashing shocks that could break up the single currency. REUTERS-Pascal Rossignol

A man (L) prepares to vote at a polling station in Athens June 17, 2012. Greeks voted on Sunday in an election that could decide whether their heavily indebted country stays in the euro zone or heads for the exit, potentially unleashing shocks that could break up the single currency. The words on the ballot box read, 'Parliamentary elections 2012.' REUTERS-Pascal Rossignol

A man leaves the voting booth at a polling station in Athens June 17, 2012. Greeks voted on Sunday in an election that could decide whether their heavily indebted country stays in the euro zone or heads for the exit, potentially unleashing shocks that could break up the single currency. REUTERS-Pascal Rossignol

An official prepares ballots at a polling station in Athens June 17, 2012. Greeks voted on Sunday in an election that could decide whether their heavily indebted country stays in the euro zone or heads for the exit, potentially unleashing shocks that could break up the single currency. REUTERS-Pascal Rossignol

A protester holds fake money next to a wall of sandbags built during a protest against financial speculations in front of Frankfurt's stock exchange June 17, 2012. Credit: REUTERS/Alex Domanski

....But financial markets' relief that the 17-nation European currency area had avoided plunging deeper into crisis was mitigated by concern about unresolved problems in Greece, the lack of a comprehensive plan for the euro zone as a whole and weakness in the world economy.

German Foreign Minister Guido Westerwelle said the substance of Greece's austerity and economic reform program, agreed in exchange for a second EU/IMF rescue, was non-negotiable, but the timing could be adjusted.

"We're ready to talk about the timeframe as we can't ignore the lost weeks and we don't want people to suffer because of that," Westerwelle said in a radio interview.

Government officials said his comments did not reflect Berlin's official position, and a government spokesman said now was not the time to give Greece "a discount".

However, Deputy Finance Minister Steffen Kampeter, who is closer to Chancellor Angela Merkel and normally a stickler for strict adherence to fiscal orthodoxy, told ARD television: "It is clear to us that Greece should not be over-strained."

Read Article: Relieved Europe hints at more time for Greece | Reuters