GREECE LOOKING FOR THIRD BAILOUT – Despite two previous financial bailouts by the European Union Greece will need yet a third bailout as the Eurozone crisis continues.
The German Finance Minister, Woldgam Schaeuble, gave a stark warning that the last bailout of over £200 billion was not sufficient to save the ailing country from bankruptcy and more cash must be injected in order to keep it afloat.
Recently Brussels announced that the crisis in the Eurozone was coming to an end but this recent revelation only makes a mockery of their claims; leaving EU citizens further in doubt over the stability and future of the European Union.
According to official figures released last week the Eurozone economy grew by 0.3% between April and June 2013 which officially ended nearly two years in recession.
Euro-skeptics noted that growth would have been significantly higher if it had not been held back through successive bailouts for countries such as Spain, the Netherlands and Greece.
Greece currently has a record high in the number of unemployed that could spark mass movement of its population as people venture to other EU member states looking for work.
The German Chancellor, Angela Merkel, has been attempting to downplay the problems in Greece so as not to disenfranchise the German’s further who, like the UK, fear that once again their taxes are going to be used to bailout a country that appears to have little or no control over its finances.
This latest announcement is only going to fuel the growing number of Euro-skeptics and further calls for pulling out. Already citizens of the UK are calling upon its Government for an EU referendum which would likely result in the UK pulling out of the EU leaving it with one less partner that provides billions each year in order to assist the Eurozone and keep countries like Greece afloat.
With the likes of Greece having to ask for a third bailout do you think the Eurozone can survive? Please leave your comments below.