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Updated 15:02 11/05/21

Greece back in the news as default looms

By Duncan Richardson, News Editor

28 Apr 2016

Those who thought Greece’s debt problems had been solved had better think again. Tax revenues are lower than expected and a debt default in July is a real possibility unless the country’s creditors lend the bankrupt nation even more money.

Creditors are demanding the Greek government implements even more austerity, but instead the Greek Prime Minster Tsipras is calling for an emergency meeting with the European Commission President Donald Tusk to discuss an alternative. Without additional funds Greece will default on a 3.5bn euro loan in July.

We have been here before, last year Greece agreed a last minute £60bn loan after months of wrangling with their creditors.

At some point a default is inevitable, but will the Greek government and their creditors once again kick the can down the road.

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