Greece Given Ultimatum to Settle Debt Crisis

Greece Given Ultimatum to Settle Debt Crisis

Hanging on the edge of the financial abyss, Greek banks have already begun to run out of money this week as multiple attempts to reach terms for a renewed bailout have failed.

One week after missing the deadline for an interest payment to the IMF on its massive bailout loan, Greek voters rejected any substantive cuts in national entitlement spending.

EU leaders responded this week with an ultimatum that threatened to remove all offers of support from table if the Greek government refused to agree to drastic cuts in spending.

Being called the “most critical moment” in the history of the European Union, Greece’s failure to respond to demands almost certainly means an exit from the Union and a complete collapse of its economy.

Without any euros from a new bailout, Greece will likely be force to begin issuing a new currency, which will bring with it immediate fear of hyperinflation given that it would not be backed by any physical assets.

Should the new Sunday deadline pass without a solution, the internal rioting and chaos on display just two years ago may reignite across the nation as citizens begin running out of basic necessities.