Venezelos, the Greek Finance Minister, said, “Greece is not a scapegoat of the Euro area. Greece is a proud country.” Proud or not, they are about to run out of money.
Ominous signs abound: EU finance ministers just reached a deal to provide collateral to finland in exchange for future aid to Greece. But what if everybody suddenly wants collateral? Due to situations like this, everyone is saying that they will have to renegotiate the July Greek bailout. Greece’s financial position has obviously declined since the middle of the summer. The European ministers delayed their approval for sending the next 8 billion euros to Greece. Juncker says the decision will be made in October, but not quite yet.
Greece will run out of money by the end of next week.