Greece Seeks Ways To Overcome Deep Financial Crisis!

By Author: Sadhana Dhanyal
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Greece is a debt laden country for the time being and it is seeking help from various countries to rectify the problematic situation that it has placed itself into. It is believed that Germany is reluctant to help the country. Hence, Greece is left with no choice but to turn up to International Monetary Fund for assistance.

It is believed that Greece has around $27.1 billion of debt maturing over the next couple of months and wants to avoid paying sky-high premiums to raise money from international bond markets. This, coming Thursday, a meeting would be conducted regarding how to help the country by EU officials backed by France.

Greece has landed into a crisis due to heavy borrowings. This is seen to be metamorphosing into a serious threat to the political and economic order in Europe, according to Stephen Lewis, chief economist at Monument Securities in London. The European governments have stated that they would provide Greece with support in the form of bilateral loans if required. However, Greece is insisting that what it needs is a blueprint for help to convince markets that it will not be allowed to default ...
... rather than an infusion of direct cash.

However, Germany has been on to not help the country under any circumstance. It is of the view that the country should help itself unless it is at the brink of bankruptcy. This is zeroing in on the hopes of Greece to uplift itself form the present financial crisis. If help is really required, then IMF can step into the shoes to help is what Germany feels.

In contrast to this, French and EU officials have been noticed to be far more proactive, as they are deeply considering the fact that some sort of support is really required for the country. This is evident in the fact that the U Commission's president, Jose Manuel Barrosso, called last week for EU leaders to speed up agreement on bilateral loans for the country.

It is very much evident that the other counties are very much keen on helping out Greece through its current financial crisis. In the backdrop of these developments, the euro foundered falling to $1.3463, its lowest since March began. However, it picked up after the European Central Bank's president Jean Claude Trichet, stated it was impossible legally for Greece to quit the currency Union. There is some hope garnering with a few European countries except Germany.

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