Greece Has Until Mid-Nov to Get Bailout Loans

Global markets are sinking due to worries that European banks will default causing another global recession. Greece is projecting to have enough money to pay pensions, salaries and bondholders through mid-November. Greece has continued to threaten that it would run out of funds in mid-October if it does not receive a rescue package of eurp8 billion.

If Greece is unable to pay European banks then this could cause a major credit crunch, pushing the global economy into another recession. The Greece government has implemented new measures to try and stall the default, including higher property taxes and civil service worker suspension with reduced pay. Greeks are outraged at these methods from the government. Even Greece government officials are voicing their concerns.

Most economists are predicting that it is highly unlikely that Greece will climb out of its debt hole which could cause European banks to take higher losses then presently planned in a second bail out deal.

See Link: http://finance.yahoo.com/news/Greece-has-until-midNov-to-apf-1533046240.html?x=0