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Greece, five minutes to twelve

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Greece is in a limit situation. The country will run out of capital by month’s end unless it can land itself a deal that will give them more money in exchange of several economic reforms.

Eurozone ministers of finance are scheduled to have a meeting this week in order to reach an understanding that at the moment seems very distant. Special analysts all agree that the moment of truth is drawing closer and closer.

Greece’s minister of Finance, Yanis Varufakis, assured several media today that the government will not sign in order to postpone the crisis, and affirmed that “today is a good day, because the moment of clarity has finally arrived”.

“Greece said yesterday enough’s enough and now Europe has to make a decision”, affirmed Varufakis in a radio program belonging to the Syria Sto Kokkino party, one day after the negotiations between the Balkan country and it’s creditors in Brussels were interrupted due to a lack of progress.

“We’re not going to sign an extension of the crisis. We’ll sign a way out of the crisis…The greek people don’t want a government that continuously signs crisis extensions”, said Varufakis.

Athens has insisted that the crisis can’t be solved only by one reform program, but rather the debts must be reunified into one, and also an investment package must become a reality in order for economic growth to be possible.

Non-payment has been contagious to other states such as Spain, where interest bonus rates have sky rocketed to maximums presented eight months ago.

Investors are running away from Spain due to it’s ten year debt, which has boosted interest rates 92% since May, where they were at 1,145%, and up to 2,2%. The reforms Mariano Rajoy’s government has made along with the measures the Central European Bank has undertaken, have been in shadows due to the crisis of a country which only contributes with 1,8% to the Eurozone’s GDP.

Victor Arribas & Rodrigo Cisneros

A couple of days ago, Spain’s Minister of Economy, Luis de Guindos, assured that the rise in the rent of the debt was because of normalization. “It’s not relevant that the debt has risen to 2%”, said the Minister of Economy, who warned that low interest rates can affect negatively the country’s economy.

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Campus de Villaviciosa de Odón - Madrid
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