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CRISIS Greece: We’re Almost Broke Dimitri Messinis / AP Photo

Greece: We’re Almost Broke

Greek officials said on Wednesday that despite the most recent bailout, they could run out of money as soon as July—shortly after the country’s pivotal elections. Greek leaders said that despite the €130 billion bailout—roughly $161.7 billion—they still face a shortfall of €1.7 billion due to tax revenue and other potential income drying up. In the worst-case scenario, the government could be forced to temporarily stop paying salaries and pensions, and halt the imports of fuel, food, and pharmaceuticals. The European Central Bank met Wednesday in Paris, and was expected to leave interest rates unchanged at 1 percent. But the meeting came amid the news that Moody’s had downgraded six German banks, including the country’s second-largest lender, Commerzbank.

June 6, 2012 6:29 AM