Sept 22, 2011
An international team of debt inspectors has decided it will return to Greece next week to check on the country’s progress in reaching its budget goals. Athens hopes this will help win the release of the latest emergency loans.
Greek authorities want to convince the debt inspectors they could meet strict budget targets as the country desperately needs the next 8 billion euro bail-out package. Without the money, the country could default within weeks. However no decision will be made until October.
The IMF warned Europe and the United States risk falling back into recession, unless lawmakers act quickly. Also underscoring the region’s difficulties was a credit rating downgrade of Italy by Standard & Poor’s. Financial analyst Michael Mross believes the constant downgrades are only putting pressure on the world economy.
This article was posted: Thursday, September 22, 2011 at 2:28 am