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German authorities back Greek bailout plan

The German authorities have today stepped forward to confirm that while the Greek authorities have yet to take up the offer of the European Union and International Monetary Fund bailout package the offer is still there in the background. The Greek government confounded many sceptics by rejecting the latest offer with the government now looking to refinance debts in the short-term without taking on any further liabilities from outside parties.

While in many ways the Greek economy is in a mess and on the verge of collapse, perhaps the Athens authorities have played a trump card because they know that the European Union needs to address the situation as soon as possible. If the Greek economy does collapse, as it could do if left unattended, this would have a catastrophic impact upon the Eurozone and cause massive problems for the European Union as a whole.

In simple terms we are at the table of a high-stakes game of poker which neither party can afford to lose but with neither party willing to make the first move. After seemingly being in a very weak position, the Greek authorities have improved their standing somewhat by refusing to take on any bailout which does not fit with their own agenda.

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