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Wednesday, August 22, 2012

Greece in Great Depression: 'Everybody going down into black hole'

Published on Aug 22, 2012 by 

Greece is asking for more breathing space to implement financial reforms and spending cuts, which have sparked years of widespread protests.

The Prime Minister has to convince the Eurozone top brass later this week that he's done enough to receive the next bailout installment. It's worth 31-and-a-half-billion Euros, without which Greece will default and potentially exit the currency union.

The PM's expected to ask for two more years to get reforms in place. Economist Yanis Varoufakis says getting the delay will do more harm than good.

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