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Greek authorities admit major problems

The Greek authorities have today admitted there are major problems within the Greek economy and the Greek budget deficit has the potential to drag down the country and its people. As a consequence, it seems likely that the Greek authorities will make use of the international bailout package which has been on the table for some time but until today remains untouched.

While no specific timescale is given with regards to a potential drawdown of funds from the EU/IMF bailout fund, it seems almost certain this will happen in the very near future. The authorities issued a rather downbeat and apologetic statement regarding the state of the Greek economy and admit that past mistakes have caught up with the country and its budget deficit. This is a very different tone from the one just seven days ago when the authorities appeared determined to go it alone without assistance from the European Union or the International Monetary Fund.

However, European debt markets remain unmoved in the short-term as they have heard these promises before with very little action after the headlines have been grabbed. Markets and investors are now awaiting concrete confirmation that financial assistance has been drawn down by the Greek authorities and the rescue program is well and truly underway.

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