The deputy prime minister of Greece has admitted that the new taxes needed to rescue Greece from bankruptcy within two weeks are not feasible. The European Central Bank will not give Greece any additional loans without implementing a fiscally responsible economic recovery plan. The people will not submit to any additional austerity measures as shown by the national strikes and riots that the media is reluctant to report.
This stalemate has been ongoing for over eighteen months but the endgame is now here. The volatility of the world’s stock markets are seen everyday but the country who cried wolf is now about to be thrown to the dogs. Once this is done, the markets will experience a correction as the dominos start to fall to an European contagion.
Greece has “exhausted” its ability to pay more taxes to cover budget gaps, the deputy prime minister declared Wednesday, saying he himself can’t pay a new emergency tax without selling property.
Theodoros Pangalos spoke as the debt-shackled nation faced fresh strikes and braced for another inspection by international creditors, starting Thursday, to decide whether to continue the vital bailout loan payouts.
Parliament approved a new emergency property tax Tuesday to be added to electricity bills later this year, as Greece remains under strong international pressure to abide by its painful deficit-cutting targets. Greece will go bankrupt by mid-October if it does not get an expected euro8 billion ($11 billion) loan.