A crisis that's just too big to go away
Published 04/06/2011 | 05:00
ON the streets of Athens, Greeks are becoming increasingly wary of foreigners bearing gifts. Within the city walls they are wondering was the bailout a Trojan horse, especially as they prepare to sell off a massive hoard of state assets, all to meet the terms laid down by the ECB and the IMF.
The sighs heard on the announcement of the new terms were more of resignation than relief. And one can understand why.
While the infamous "troika" -- the EU, IMF and European Central Bank -- may provide €85bn, of which €30-€40bn would come as EU and IMF loans, the rest must come from privatisation proceeds and private-sector debt relief.