Greece Is Headed for a Great Depression Without 3rd Memorandum

Greek crisisBloomberg and Reuters, two of the world’s most prestigious news agencies, predicted that the next Greek government which will arise after the upcoming election, will face hard times.

According to Bloomberg, Greece is set to run out of cash by mid-year if it can’t break the deadlock over its rescue program, noted two international officials with knowledge of the matter.

As a result, Greece needs to move quickly after the elections to negotiate an extension of its aid program and how to trigger debt relief.

Meanwhile,  Reuters noted in a recent article, that on Thursday, Eurozone officials discussed extending Greece’s bailout program by up to six more months in order to allow time for talks with any new government in Athens on closing the current bailout and on what should replace it. “There will have to be an extension beyond February. It will be inevitable,” one euro zone official with knowledge of the talks said. “It could be six months more.”

Greece ‘s finance ministry spokesman declined to comment on both occasions.