WASHINGTON — Greece is facing another financial deadline and looks like it needs some more help. But, with recent news of Germany’s decreasing trade numbers, this could be very difficult.
Reuters reports that the eurozone finance ministers are meeting to decide whether to give Greece financial aid all at once or by increments.
Whichever policy they decide, it will be a model for Portugal and potentially other struggling countries in the eurozone. Greek politicians are split over how to manage the country’s struggling financial situation and is making the eurozone very nervous.
But, for now, Greece’s main lenders, the International Monetary Fund, European Commission (the European Union’s highest committee of power) and the European Central Bank, are satisfied with Greek economic recovery plans.
The package for Greece is going to eventually total 240 billion euros, or around $30 billion, and Greece will receive 8.1 billion euros as a step-by-step process. In the words of Luxembourg’s finance minister, Luc Frieden, “If we get proof that Greece is living up to everything, then Greece will get its money”.