The Greek "Zombie" State

Greece, a Financial Zombie State


Greece and the other countries in the eurozone are once again at an impasse days ahead of a crucial deadline. If the two sides do not reach an agreement on how to extend a 240 billion euro ($270 billion) loan program beyond June 30, Greece will most likely default on its debts and would probably be forced to abandon the euro. ... Whether Greece will have to go on in this zombie financial condition will also depend on the International Monetary Fund and the European Central Bank, both of which have lent money to Greece. I.M.F. officials have been privately pressing the eurozone for debt relief for Greece, but the fund’s managing director, Christine Lagarde, should do more to convince European leaders that the country cannot succeed unless there are major changes to the loan program. The president of the E.C.B., Mario Draghi, recently said “growth with social fairness and fiscal sustainability” had to be a part of any deal between the eurozone and Greece. More than five years have passed since European officials reached the first loan agreement with Greece. Yet instead of moving toward recovery, the country has been trapped in an economic calamity with no end in sight.
Comment: Image source  Night of the Living Dead. Instead of brains, Greece wants bailouts. Some nice Zombie sound effects

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