August 24th, 2012
(RussiaToday) – EU leaders are downplaying the effects of a Greece exit as leaders meet to give Greece more time before officially declaring bankruptcy.
It’s ‘crunch time’ for Greece right now as the German leader and French president are working out whether to grant Athens the ‘breathing space’ it says it needs to sort its finances out – decoded as more time before it officially declares bankruptcy which Investment advisor Patrick Young says he suspect will happen ‘within the next month or so’
Young says, whether on not Greece is provided with more time, there is no chance it will manage to get its economy back on track within the Eurozone because ‘Greece is bankrupt. Full stop. Game over.’
The country’s been relying on international loans for over two years, but as each repayment is due the nation is faced take another round of banker bailout loans even as it failed to meet conditions of the previous bailout loan.
Meanwhile, leaders in Berlin say ‘a Greek exit wouldn’t have a ‘great impact’ on the Eurozone’ a message which is being echoed by so-called financial experts around the globe despite die warnings of economic Armageddon just last year if such an even were to occur.
Watch the full report from RT as Young reports on the situation isn’t afraid to hold back any punches.