Tags: Greece | euro | Bailout

Greece Spokesman: Country Will Leave Euro Without Second Bailout

Tuesday, 03 Jan 2012 09:53 AM

 

Greece's government says the debt-crippled country will have to ditch the euro if it fails to finalize a second, 130 billion euro ($169 billion) international bailout.

Spokesman Pantelis Kapsis said Tuesday that negotiations in coming months with international debt monitors will "determine everything," including whether Greece avoids a disastrous bankruptcy.

Kapsis told private Skai TV that, if the bailout agreed in late October — but not yet finalized — does not go through, "we will be outside the euro."

Greece is being kept afloat through a first, 110 billion euro ($142 billion) international bailout in May 2010. In return, the government imposed deeply resented austerity measures to contain a bloated budget deficit.

Kapsis said further cutbacks might be required to address a revenue shortfall.

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