How Serious Is Greece?

15:17     11 March, 2015

Since the euro area in February allowed the Greek government’s loan agreement to be extended by four month, no real progress in the reforms of the economic sector of Greece has been recorded. This makes the  European partners to doubt  how much  Greece is responsible for its debt reimbursement and the situation in its country.

According to Finance Minister Varoufakis, who expertise the game theory, everything is working well and the Greek government is on the right way to meet its debt obligations. The corner stone for Varoufakis is to possess confidence to European Central Bank, which is closed to be reached. According to some experts both sides - the creditors and Greece, need to stop the posturing and get a deal done as soon as possible, otherwise there is fear for negative consequences, Bloomberg reports.

The financial problem between Greece and its European counterparts has changed from the economic context becoming more personal and political. Euro area Finance Ministers are irritated with the way Varoufakis was communicating in the last meeting. They also do not like his attitude towards the Group when he arrived at the meeting 35 minutes after.

There is assessment that Greece attempts to build alliance with the southern periphery and also with Italy and France – other countries that have also been opposed to austerity.

Coming back to economic reality the Greek government’s cash supplies are running low, there are fears that the funds might last for a few weeks. No one knows how much money is left, no one can tell if it will keep the country afloat until the end of March or April, Ekathimerini reports.