Saturday, August 24, 2013

Here’s What Success Looks Like With Europe’s Policy Towards Greece

Tragedy and Suffering – All for Nothing

From the Wall Street Journal, the latest news on how austerity is working in European policy.

Germany's Schäuble Says Greece Will Need More Aid

Finance Minister Tells Election Rally That Current Loans Aren't Enough to Stave Off Bankruptcy

BERLIN—German Finance Minister Wolfgang Schäuble said Greece will need a third bailout, in the bluntest admission by a top German official that the €246 billion ($328 billion) of international aid loans pledged so far won't be enough to save Greece from bankruptcy.
"There will have to be another program in Greece," Mr. Schäuble told an election rally of his Christian Democratic Union party near Hamburg, news agencies reported. In the parlance of the euro-zone debt crisis, a "program" means aid loans conditional on economic overhauls Greece would have to enact.

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