Monday February 17, 2020

Greece runs out of cash as crisis enters final act

The troika’s strategy has created an unsustainable debt spiral which has pushed the country to the very edge of the abyss

28th June, 2015
4
Greeks queue up at n ATM machine in Athens yesterday Photo: Bloomberg

Greece will have a referendum seven days from now. Its people will decide, via vote, whether or not to accept the terms of an agreement that the institutions of the European Union haven’t actually agreed on. The absurdity of the situation is compounded as, all the while, euro-denominated deposits are flying out of the country. Greece might well default on a major payment to the IMF on Tuesday. The ECB can decide to let the...

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