Greek tragedy

Finweek English Edition - - IN BRIEF - The New York Times

Euro­pean l en­ders gave Greece un­til 20 Fe­bru­ary to agree to the bailout pro­gramme or risk the fund­ing that the coun­try needs to avoid a de­fault,

re­ported. With­out an agree­ment on the bailout, Greece could de­fault on its loan re­pay­ments by month- end and may be­come the first EU mem­ber to quit the euro. A re­port by JPMor­gan Chase said Greek banks were los­ing de­posits at the rate of €2bn (R26.5bn) a week. Should this con­tinue for 14 weeks, they won’t have enough re­serves avail­able to is­sue new loans, it said.

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