Monday 20 November 2017

Debt Crisis: Greece may have to leave eurozone if it fails to secure new loans

Lucas Papademos, centre
Lucas Papademos, centre reporters

GREECE may have to leave the eurozone if it fails in securing the latest bailout loan package from the EU/IMF/ECB troika.

The warning came from a government spokesperson on Greek TV station Skai.

"The bailout agreement needs to be signed otherwise we will be out of the markets, out of the euro," said Pantelis Kapsis.

The latest €130bn in loan agreements were approved in principle by EU leaders late last year but Greece must adopt strict spending cuts and restructuring before they are released.

Later this week the Greek Prime Minister and former central banker Lucas Papademos is expected to address the nation later this week in a bid to win support for the austerity programme while EU/IMF/ECB will visit the country this month to review progress.

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