Greece will run out of money soon, warns deputy prime minister

The Telegraph:

 Greece’s deputy prime minister has said the country will run out of money in six weeks unless it honours its bitterly-disputed EU bailout deal.

Greece's deputy prime minister has said the country will run out of money in six weeks unless it honours its bitterly-disputed EU bailout deal.

The deputy prime minister also warned that chaos could boost the neo-fascist Golden Dawn party, which won an unprecedented seven per cent of the vote, and 21 seats, in Sunday’s election Photo: AP
Andrew Gilligan

By , Athens

7:00PM BST 12 May 2012

Comments462 Comments

Speaking exclusively to The Sunday Telegraph, Theodoros Pangalos said he was “very much afraid of what is going to happen” after Greek voters rejected the deal in elections last Sunday.

“The majority of the people voted for a very strange mental construction,” he said. “We want to be in the EU and the euro, but we don’t want to pay anything for the past.”

The main beneficiary of the election, the hard-Left Syriza coalition, came a startling second on a promise to tear up the deal, which promises EU loans to keep massively-indebted Greece afloat, but demands crippling spending cuts in return. Germany, the principal lender, has said it will stop payments if Greece breaks its promises on spending.

Mr Pangalos warned: “There is a school of thought that says the Germans are bluffing. They need Greece and will never throw us out of the eurozone. But what will happen, which is almost certain, is they will not give us the money to pay our debts.

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About Eeyore

Canadian artist and counter-jihad and freedom of speech activist as well as devout Schrödinger's catholic

One Reply to “Greece will run out of money soon, warns deputy prime minister”

  1. I knew it was coming some time this summer, the left has been robbing Peter to pay Paul for so long the masses in Europe think it can continue forever. There are economic laws that can’t be violated just like there are laws of physics that can’t be violated, most people don’t realize this because the punishment for violating the economic laws comes after a long period while violating the laws of physics is punished immediately.

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