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Friday, 18 September 00:53 (GMT -05:00)



Business And Politics News

Greece Urgently Needs 50 Billion EUR, IMF Says


According to the recent report on Greece published the IMF, the Greek financial system urgently needs 50 billion EUR to survive the current crisis and to revive the economy. Still, in order to do that, Greece need to meet certain conditions put forward by the lenders. It is reported that if there is such a financial aid, 36 billion EUR of it will come from European funds.

 

 

 

 
At the same time, the IMF expect the Greek economy to slow down dramatically this year.  In particular, the current prediction is zero growth while the preceding prediction was equal to 2,5% in 2015.
 
The forthcoming referendum scheduled for July 5th is destined to decide the fate of Greece as a Eurozone nation. At the same time, Alexis Tsipras, the Prime Minister of Greece, managed to assure the Greek people that the government will be able to compromise with the lenders over the next couple of days following the referendum if the Greeks decide to practice austerity in order to stay in the Eurozone.
 
On top of that, during his live speech on ANT1, he told the people that if the parties do compromise, Greek banks will reopen instantly to let the Greeks access their savings.
 
He also blamed other Eurozone nations for urging the ECB to suspend financing the Greek economy when it needs the funds desperately.
 
At the same time, according to the recent forecast made by Standard & Poor's, Greece may see its GDP decline by 20% over the next 4 years if it quits the Eurozone.
 
In particular, the prediction says that if the European Central Bank stops supporting the Greek banking system – the support was estimated at 70% of the GDP, the banking system will not be able to function properly and will collapse.
 
With that said, the rating agency predicts a new wave of financial and economic trouble for Greece. While Greece has already lost 35 billion EUR (or 20% of the GDP) since November 2014, by the end of June the flight of capital is estimated at 54 billion EUR or 30% of the GDP, Masterforex-V Academy report.

 

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