Floundering Greece Confident in EU and IMF Funding

Despite the economic turmoil throughout the EU, Greece is convinced it will be the recipient of the next debt rescue funding from the EU and International Monetary Fund.

According to Greece’s finance minister Evangelos Venizelos “Greece’s borrowing needs are covered.” He added that in the meantime, the country’s task “is to carry on with our work during this crucial period and show ourselves to be responsible and effective.”

Greece’s last 110 billion euro debt rescue agreement was confirmed in May of last year. As of now, Greece has received five payments, totaling 65 billion euro, from both the EU and IMF, but has failed to stabilize its public finances.
Later this month, officials from the EU, IMF and Central Bank will meet in Athens to discuss whether the sixth payment, worth 8 billion euro, will be paid in September.

The financial crisis has spread throughout Ireland, Greece, Portugal, reaching as far as Italy and Spain and threatening to sink the euro as financial markets up their rates of return.

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