But for Greece, that could mean pain from its Eurozone creditors. They could deny future payments from the financial rescue plan agreed to in February. The agreement is worth about one hundred seventy billion dollars in loans and cancelled debt. The rescue is the second and largest for Greece since its debt crisis began in two thousand nine.
On Thursday, Euro-area governments released a five billion five hundred million dollar loan to Greece. But Greek officials were reportedly unhappy that over one billion dollars was withheld. The failed efforts to form a government have raised concern that reforms can work in Greece. The country is now in its fifth year of recession.
German Chancellor Angela Merkel spoke to parliament in Berlin Thursday. The leader of Europe’s biggest economy said borrowing to get growth would be a step backward.
ANGELA MERKEL (Translation): "Growth through structural reform is important and necessary. Growth through debt would throw us back to the beginning of the crisis."
And that's the VOA Special English Economics Report. For transcripts, MP3s and now PDFs of our programs for e-readers, go to voaspecialenglish. And follow us on Facebook, YouTube and iTunes at VOA Learning English. I'm Mario Ritter.
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2013-11-25
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