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Greece to Europe: We Need More Time

Samaras asks for 'breathing space' ahead of meeting over bailout payment

By Kevin Spak,  Newser Staff

Posted Aug 22, 2012 7:50 AM CDT

(Newser) – Prime Minister Antonis Samaras is begging the EU and the IMF to give Greece a couple more years to find the $14.3 billion in budget cuts it promised to come up with under its bailout deal. Greece was supposed to find those cuts before getting its next $39.3 billion bailout check, but Samaras says the country lost time thanks to its election drama, and that immediate cuts would undermine Greece's economic recovery, the BBC reports.

"Let me be very explicit: We demand no additional money. We stand by our commitments," he told Germany's Bild. "But we have to kick-start growth in order to cut our deficit. All that we want is a little 'breathing space.'" Samaras is to meet with Eurogroup finance ministers today, and French and German leaders later this week to make his case, likely for a two-year extension. But sources say he won't push too hard, because he doesn't want to get on his lenders' bad side.

Greece's Prime Minister Antonis Samaras leads a meeting with officials at the Finance Ministry in Athens, Aug. 8, 2012.
Greece's Prime Minister Antonis Samaras leads a meeting with officials at the Finance Ministry in Athens, Aug. 8, 2012.   (AP Photo/Thanassis Stavrakis)
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Greece does not need more breathing space. It is not breathing at all. - Yannis Varoufakis, professor of economics at the University of Athens, saying austerity cuts will shrink the economy, making the government unable to repay the loans

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COMMENTS
Showing 3 of 5 comments
silverfox77
Aug 24, 2012 1:17 AM CDT
Greece is a basket case that just can not be helped, watch in the next six months it will be exit time.              
boxcar
Aug 22, 2012 6:53 PM CDT
When IMF pulls the U$D status as World's Reserve Currency in 2016, USA will become XSA, just like USSR became XSSR after Berlin Wall fell. The U$D is backed by N O T H I N G so it will become just that- worthless script. IF we thot Greece had problems, we ain't seen nuttin' yet
HANKHILL
Aug 22, 2012 10:31 AM CDT
just time? you dudes need more of everything! good luck with that!
 

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