Greek Finance Minister Evangelos Venizelos warned today that if Europe cannot save Greece, it cannot save itself, according to Bloomberg.Reuters also reports that he proposed a “euro-atlantic axis” to take steps to resolve the crisis.
Venizelos confirmed that the next tranche of funds from the EU/ECB/IMF troika will arrive “in time” to prevent a disorderly Greek default, according to AP.
Disbursement of $11 billion in aid from the first Greek bailout is slated for mid-October, about the same time when Greece is expected to run out of money.
His comments come on the heels of his talk about new Greek austerity measures which would chop another $8.8-9.4 billion, as reports MNI.
These cuts would include an estimated 4% further reduction in pensions and an additional 20% cutback in state salaries.
These new measures — which amount to 3% of Greek GDP — are likely part of a plan to secure continued troika aid, after it appeared last month that Greece would not meet the fiscal goals set out for it by troika officials as a contingency for its first bailout.
Failure to meet these goals could also compromise the second Greek bailout, which currently awaits passage by other eurozone nations.
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