John K. Defterios, Anchor and Emerging Markets Editor, CNN International speaks during the 2012 of the World Economic Forum at the congress centre in Davos, Switzerland, January 27, 2012. (Wikipedia/Michael Wuertenberg)
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It was a quiet summer in Greece – a stark contrast to the chaos of July 2015 when the referendum vote on the European Union bailout package took place.The Greek economy expanded by a paltry 0.3 percent in the second quarter but that at least beat most expectations of a contraction.His call is for debt relief. After many bailouts, Greece's long-term government debt actually soared from 120 percent of GDP to 177 percent last year according to the latest figures from the European Commission in Brussels, with expectations of that topping out in 2016 at over 180 percent!The fund's Managing Director Christine Lagarde wrote to the 19 members of the Eurozone suggesting that debt restructuring must be on the table.Herein lies the challenge for Greece and the other lackluster performers.Trying to corral a total of 28 countries of the EU is not easy.In that context, it will be a herculean challenge for Greece's Prime Minster to dig out from under his mountain of debt.
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