Greek Bailout Needs Triple
Posted by Larry Doyle on April 28, 2010 10:44 AM |
Just how big is the financial sinkhole swallowing Greece? Bloomberg just reported that the hole is likely three times the size previously reported. Where does it end? This breaking news is a MAJOR curve on our economic landscape.
Bloomberg reports, IMF Tells German Lawmakers Greece Needs Up to EU 120 Billion:
International Monetary Fund Managing Director Dominique Strauss-Kahn told German lawmakers in Berlin today that Greece may need as much as 120 billion euros in aid, Green Party parliamentary spokesman Michael Schroeren said by phone today.
Has the fiscal situation in Greece gotten that much worse over the last few weeks? Hardly. The simple fact is the financial game of chicken being played out in the Euro-zone is not going to have a happy ending regardless. When a country is bankrupt, it is bankrupt. Risks rise accordingly and those navigating this stretch of the economic landscape should be on guard as that sinkhole spreads.