Greek Prime Minister Wants More Time
Greek Prime Minister Antonis Samaras says he needs more time to repair the financial and economic damage done to his country, or by his countrymen, over the years since the recession began. For some reason, be believes that time will help reverse the nation's GDP plunge, which shows no sign of ending, or a 20% plus unemployment rate, which will not change because businesses in Greece cannot afford to hire workers. Samaras told Germany's Bild newspaper, according to Reuters:
All we want is a little more air to breathe to get the economy going and increase government revenue. More time doesn't necessarily mean more money.
What economist believes that without stimulus and a postponement of austerity that Greece has any chance to recover? Either action takes money, in the form of dollars invested in the economy or in larger deficits that will need to be funded in later years. Samaras meets with Angela Merkel this week. The German leader has become increasingly frustrated with the progress in Greece. The "more time, but not more money" argument will not wash with her.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Economy, International Markets
