From the Liveblog of
Thursday, February 5, 2015
Greece will ‘run out of money’ within 3 weeks
Add ToI as a Preferred Source on GoogleGreece will run out of money in three weeks, Bloomberg reports, quoting sources well-versed in the Greek economy.
The report comes a day after a European Central Bank announcement that it will stop honoring Greek government bonds as collateral. After the ECB announcement the interest rate for loans in Greek spiked and pushed the Middle Eastern country one step closer to the edge of economic chaos.
According to the Bloomberg report, Greece will stop receiving aid money from the “troika” – a nickname for the ECB, the International Monetary Fund and the EU Commission. The troika’s decision comes on the heels of incoming Greek Prime Minister Alexis Tsypras’s reluctance to continue the austerity measures the EU forced on Greece in an effort to boost its flailing economy.
The Times of Israel Community.