DEJA VU

Greece: We Need More Time for Cuts

Could once again default.

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.