Ilknur Şebnem Öztemel – TDO – Greek government has three weeks to break the deadlock in increasingly difficult talks with creditors. Prime Minister Alexis Tsipras face with the dilemma of accepting additional Austerity measures or calling for new elections.
Aristides Hatzis, professor of law and economics at the University of Athens, said “It is critical that a compromise is found”. He acknowledged that a slew of elections across Europe would make Greece’s situation worse. He added “If these negotiations are not wrapped up until 20 February when Eurozone finance ministers meet, we could be looking at potentially disastrous political turmoil, which would bring back the scenario of GREXIT with a vengeance.”
At a meeting of Eurozone finance ministers on Thursday, Athens found itself out in the cold, alone and incapable situation, without any support even from the European Commission.
Current bailout program will expire in 2018. International Monetary Fund (IMF) does not believe that unless Greek government impose further pension cuts and increase taxes, it will not achieve %3.5 budget surplus for payback.
The International Monetary Fund (IMF) predicted that Greece’s debt load could become “explosive” by 2030, as the future of international economy is blurry.