Greece: We Need More Time for Cuts

    Greek Prime Minister Antonis Samaras meets with the finance minister at the Finance Ministry in Athens on August 8, 2012. Standard & Poor's cut Greece's debt rating outlook to negative on August 7, saying the worsening economy and political challenges could soon force another downgrade. AFP PHOTO / ARIS MESSINIS        (Photo credit should read ARIS MESSINIS/AFP/GettyImages)

    Aris Messinis, AFP / Getty Images

    Greek Prime Minister Antonis Samaras on Wednesday asked for more time to implement the harsh austerity measures necessary to receive the next round of bailout funds. If the funds are not unlocked, Greece could once again face default on its debt and possibly leave the euro. Samaras will meet with Jean-Claude Juncker, the head of the Eurogroup of finance ministers, later this week, and is expected to float the idea of a two-year extension to the deadline. Samaras told the German daily Bild that Greece needs some “breathing room” because of the lost time due to the election, and the cuts should be enforced more gradually to help ease the pain on the Greek people.

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