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Greece edges close to an outright default

Adam Pike, News Editor
31 Mar 2015, 11:34 a.m.

Greek Prime Minister, Alexis Tsipras, has vowed not to bow down to European demands for further austerity. Tsipras, confirmed to the Greek parliament on Monday he will seek an honest compromise to Greece’s debt and warned he will not implement further austerity on the Greek people.

The Greek finances are deteriorating fast and they may not have enough money to pay the 450 million euros due on the 9th of April. There are also treasury bills totalling 2.4 billion euros maturing on the 14th and 17th of April. 500 million euros is owed to investors outside the country and if Greece can’t pay it would officially default on its debt.

The leftist leader also called for Germany to pay World War II repatriations and called for his countries debt to be lowered.

Greek banks are also in trouble as depositors withdraw their money. In the last six years total deposits in Greek banks have fallen from 240 billion euros to 130 billion euros. In the last 3 months 30 billion euros have been withdrawn.

With debts due and the capital fleeing the situation only seems to get worse in Greece.

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