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Greece Needs Another Bailout…Surprise!

August 30th, 2013

According to the EU commissioner  from Germany, Gunther Oettinger , Greece will need another financial bailout form the Eurozone-which really means primarily German taxpayers. Not surpassingly, Greek politicians are denying the need for another bailout. This is an old game; the politicos  in the Eurozone, especially from the fiscally vulnerable PIIGS nations, always maintain they do not need a bailout just before they beg for one.

While the official word from Athens and the Eurozone is that things are getting better for the Greek economy and its fiscal balance, the truth is that the unemployment rate is at about 25 percent; the majority of the youth are unemployed, and  Greece still depends on massive loans to survive, rhetoric to the contrary not withstanding.

According to Oettinger, Greece will need in 2014 a bailout of at least 13 billion dollars. Bear in mind that Greece has already received two separate bailouts that exceed $200 billion, along with a write-off of more than $100 billion of its external debt, which is in fact another bailout. Chances are that the figure of $13 billion needed in extra support is a lowball figure. Despite the disappearance of the Eurozone crisis from the headlines in recent months, it remains an acute and dangerous reality, while Greece continues to be ground zero for the European debt crisis.

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