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Greek debt problems worse than expected

A report in the financial press today has suggested that Greece will require between EUR100 billion and EUR120 billion over the next three years to repair the damage done by the financial crisis. These figures were made public by German parliamentarians in what is an embarrassment for the European Union which is currently negotiating a EUR45 billion package.

It is believed that the EUR45 billion package will be enough to see the government through its first year but further assistance would be required further down the line. This will be a bitter blow to other members of the European Union who will be expected to fund the additional package despite the fact that many are suffering their own economic problems.

Slowly but surely the proposed bailout package for the Greek economy is starting to unravel and the more the debt markets hear from within Europe the more concerned they become. The European Union, the IMF and the Greek authorities have been in negotiations for days now regarding a concrete bailout package but so far there's been no news on details of the proposed deal.

This is a situation which is becoming farcical now with debt markets around the world hammering other European economies simply because the Greek problem will not go away.

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