One has to wonder what they were thinking the first time if things could fall apart so quickly. Now everyone is surely wondering about the other bailouts for Ireland and Portugal. The Independent:
Greece may need to be bailed out by its eurozone peers for a second time amid concerns the country might not be able to access the capital markets meet its refinacing obligations.
The worries surfaced this weekend after the euro fell by nearly 1 per cent and the cost of insuring against Greece defaulting on its debts rose to a record high on Friday in the wake of a report that the country was considering pulling out of the eurozone. The Prime Minister, George Papandreou, denied the suggestion, saying: "No such scenario has been discussed."
Yesterday, the Chancellor George Osborne suggested that Greece might need further assistance, although he denied that it would necessarily be forced to resort to defaulting on its debts. "I think it is inevitable that we are going to look at the Greek package and see what they can do to get through the next year, but that might involve additional assistance from, for example, the eurozone," he told the BBC, admitting that the markets were sceptical about the country's refinancing abilities.
