"Greece has weeks left before bankruptcy"

[in_cog_ni_to]

Greece has weeks left before bankruptcy

By ELENA BECATOROS, Associated Press – 5 hours ago

ATHENS, Greece (AP) — Greece has enough money to pay pensions, salaries and bondholders through mid-November, the finance minister said Tuesday, as global markets sank on worries that a messy default could bring down European banks and trigger another global recession.

The Athens Stock Exchange general index tumbled to close down 6.3 percent while the main Europe markets fell almost 3 percent. The turmoil endangered French-Belgian bank Dexia, whose shares plunged as much as 40 percent, on worries about its exposure to Greek bonds.

Greece had previously said it would start running out of money in mid-October if it didn't get the next €8 billion ($11 billion) installment of the €110 billion rescue package it has been relying on since May 2010.

Finance Minister Evangelos Venizelos sought to reassure Greeks and investors that the country can hold on a little longer while its rescue creditors decide whether to give it more loans. The government can tap contingency reserves to buy the extra time, a ministry official explained.<snip>

More at link:
http://www.google.com/hostednews/ap/article/ALeqM5jlfW9x7eBHCGtDp_lEJqI22c3mRQ?docId=b8b46821b38142feab3ec48d1274bbde

[Javaman]

1. "The day Greece fell"

will be the title of my book 20 years from now.