Germany Offers 3rd Austerity Package to Greece

Germany comes to Greece’s rescue once again preparing a THIRD austerity package. The final amount of the bailout is still being discussed; however, the German government will shell out between 10-20 billion euro. Finance minister Woflgan Schauble stated that all future aid packages will be significantly less than the 240 billion euro Greece has received thus far. IMF leaders disagree with the third bailout arguing that Greece has reached its limit. Giorgos Stathakis, shadow development minister and economics professor, is adamantly opposed to any additional austerity measures arguing for debt restructuring verses more raw aid stating that German leaders are “missing the point”. The IMF and other financial giants such as China, Brazil, Argentia, Inida, Egypt and Switzerland have expressed serious doubts about the success of the aid thus far. Grecian unemployment rate oscillates around 28%, with a 60% youth unemployment rate. Additionally, European governments own debt exceeding 176% of Greek GDP.

http://www.theguardian.com/world/2014/feb/02/germany-preparing-third-financial-rescue-greece