Pressure is on for Greece

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Europe is waiting on Greece to decide today if they are willing to increase their austerity plan or if they are not going forward with these measures, in which case they will have no choice but to default as by October Greece will run out of money.

The next loan instalment depends on that decision. The funds, €8bn, would be the sixth installment of cash Athens has received since securing the €110bn bailout in May 2010.

The German finance minister said “membership in a monetary union is an opportunity but also a heavy burden. Measures for alignment are very difficult. The Greeks must decide whether they want to bear this burden."

The European debt crisis has intensified since the risk of default has become an immediate probability. A Greek default would threaten many banks, especially French Banks and will put further pressure on countries such as Ireland or Portugal who might follow Greece’s fate.

But even if the Greeks decide to tighten their belt even more, there are still doubts about whether the response from the eurozone is sustainable or if by pushing economies already into recession with more cuts will only aggravate the problem.

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Pressure is on for Greece

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