The eurozone's first ever bailout of a debt-laden member country is failing and will need to be renegotiated exactly a year after the €110bn (£96bn) rescue package was agreed for Greece.
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Following secret talks in Luxembourg on Friday between Athens and some of the key EU players, it emerged that Greece will not be able to meet the terms of last year's rescue and is hoping to ask the eurozone for more funds.
England and Germany are tired of providing Greece's allowance. Can't imagine why.As Britain made clear it did not want to offer any more support for Greece as part of an EU package or a bilateral loan, investors remain unconvinced of the ability of Athens to sustain its €340bn debt load.
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EU finance ministers will debate the topic next week and the Germans, in particular, are digging in their heels.
Greece has a relatively small private sector propping up a bloated bureaucracy and ridiculous pensions that begin after retirement at age 63. Until the Greek government stops spending more than it take in, no amount of another country's money will save it.
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