Why The Next Few Weeks Will Be Crucial for Greece

ForexNewsNow | Published on August 31, 2011 at 11:13 am

Greece Minister of Finance, Evangélos Vénizélos, declared on Wednesday that the next few weeks would be “crucial” for the enactment of the Greek bailout plan, which involves about  300 banks in more than 50 countries.

In the middle of the global debt crisis, “the current priority is to save the country” he added.

This plan was adopted during an EU summit on July 21st and, according to Vénizélos, the deadline for its implementation is around October 15th.

It includes the participation of the private sector – which will invest 54 billion euros within 3 years – a matter that was at the heart of the tough debates a few weeks ago.

The four main Greek banks and several European banks have already announced that they would take part in the bailout plan.

Regarding the part of the plan that calls for EU member issuing loans to Greece of up to 109 billion euros, Mr. Venizelos declared that he had the support of “everyone” in the euro area.

Everyone hopes that that’s true…



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