Thursday 8 December 2016

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.

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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.

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