Greece reaches crossroads as time is running out

This week will be extremely important for the future of Greece. The World is awaiting the deal, whatever it proves to be. Meanwhile the country is falling further into poverty as the economy continues sliding into the abyss. Let’s decide something on Greece, so we can move on to Portugal. From Ekathimerini;

Greek Prime Minister Lucas Papademos plans on Tuesday to discuss with the nation’s political leaders the implementation of additional fiscal measures needed to secure a second European Union-led bailout.

While Papademos and the party chiefs already agreed to make further cuts this year equal to 1.5 percent of gross domestic product, they have yet to close gaps over measures demanded by creditors. European leaders raised pressure on meeting the conditions of the 130 billion-euro ($171 billion) rescue, with German Chancellor Angela Merkel saying “time is running out.”

“There are fears that the Greek government will note the country has reached the limits on austerity,” UBS AG currency analysts including Chris Walker in London wrote in a note to clients on Monday. “The week ahead will be extremely significant for event risk and headlines could become a dominant driver for the euro.”While Papademos and the party chiefs already agreed to make further cuts this year equal to 1.5 percent of gross domestic product, they have yet to close gaps over measures demanded by creditors. European leaders raised pressure on meeting the conditions of the 130 billion-euro ($171 billion) rescue, with German Chancellor Angela Merkel saying “time is running out.” (Full article here).