Today's Coming Crisis Movie

Sunday, May 20, 2012

Greece Crisis Threatens To 'Open Door To Hell'

Greece's former finance minister has told Sky News that if Greece reneges on its bailout deal with the EU and the IMF it will "open the door to hell".

I last interviewed George Papaconstantinou two and a half years ago.

In December 2009 he told me that Greece could survive independently and Greece's creditors had nothing to fear - they would get back every euro they were owed.

A lot has changed since then.

Greece is in the process of borrowing €240bn of emergency loans from the EU and the IMF (in return for pledges to raise taxes, cut spending and balance the books) and investors holding Greek debt have been forced write off upto 50% of their money. Read More