Greece seeking another bailout as global growth estimates are curbed – again

As German Prime Minister Angela Merkel prepares to visit Greece to offer support for austerity reforms, Stefan Kaiser writes in Der Speigel that a second Greek default will be even more painful – for both Europe and Greece – than the first.

“A second default, however, would be much more painful for euro-zone member states than the first. This time, it wouldn’t be just private debt holders who would suffer, but also public ones, such as Germany and its taxpayers,” Kaiser asserts.

 Merkel will arrive in Athens a day after the International Monetary Fund joined with the European Union to stress the need for Greece to enact financial reforms before further assistance would be provided. The IMF also stated its deep concern about slowing economic growth not only in Europe, but in the emerging economies, including China and India.

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