Greece admits walking toward bankruptcy
January 1, 2012
Greek Economy Minister Evangelos Venizelos admitted that his country is headed for default. He called for greater debt removal to avoid such a circumstance.
“If the health funds and pensions are not part of the plan of debt relief, the country will be destroyed fiscally and financially, we will be at bankruptcy,” said the official.
“And when a country bankrupt public funds are not sufficient to fund health care annually, to cover the deficit and secure retirement,” he added.
Greece is an urgent need to remove private debt to avoid default, which until now would be 50%. However, this figure is not enough.