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Saturday, January 7, 2012

Greece is moving towards Bankcrupt

As per Latest edition of German magazine Der Spiegel body considered Greece's current readjustment programme insufficient and that new measures would have to be taken if the country is to avoid default and meet targets agreed with creditors.

Now the IMF only have three options (i) Private creditors write off their investment in country (ii) Further enact austerity plans (iii) State should increase bailout package

Banks and investment funds have been negotiating with Athens for weeks on the scheme, to cut Greece's debt-to-GDP ratio from 160 percent to a more manageable 120 percent by 2020 as a part of second bail out package.

Athens is not best in terms of debt structure adjustment and tax collection and state sales.