Friday, March 30, 2012

More Bailouts: Greece Now Talks About New 3rd Bailout

Nobody really expected Greece to have a balanced budget, possibly ever, so that new bailouts would not be needed. . Today, Lucas Papademos, Greece's Prime Minister  said that Greece may need a third bailout package "if the sweeping austerity measures demanded by its international creditors fail to stabilize its shattered economy and restore market confidence".

It was the first time Papademos talked about the risk that the austerity program might fall through if they don't try hard enough.

"Greece will do everything possible to make a third adjustment program unnecessary," (!) "Having said that, markets may not be accessible by Greece even if it has implemented fully all measures agreed on". (Yahoo)

"It cannot be excluded that some financial support may be necessary, but we must try hard to avoid such an outcome."

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