Sometimes the countries that have been around the longest are the ones that need the most international aid. According to a recent press release, Greece is near bankruptcy and is waiting for more cash from international lenders to keep afloat. The deputy aid finance minister admitted that there is a serious lack of finances in the country. Right now, Greece’s European partners are helping the country and have promised to fund through August. Yet the month of August will quickly approach its end, leaving Greece with a 3.2 million euro bond. The details of the funding are currently classified, and the world is waiting to find out whether or not the country can pay back lenders in due time.

If Greece can’t come up with their repayment, then they will probably run out of funds to pay for their everyday public expenses. These include basic things like the police and public service wages. They also will lack the finances to give money to those who receive pensions and social benefits in the country. At present, Greece has been solely relying on European aid and the International Monetary Fund to keep from going under. Yet the lenders have been turning on the pressure and say that they will withhold any further aid until the country is able to comply with their suggested financial reforms. Greece’s Deputy Finance Minister has admitted that the cash reserves are at almost completely empty. The Financial Minister didn’t want to give an estimate of when the country coffers will deplete completely, but they assume that without budget reservations Greece will come up empty handed in the near future.

In addition, the country officials admit that they are on the brink of bankruptcy and that they have an ECB bond that will mature on August 20^th and complicate their financial problems. The country has only narrowly dodged bankruptcy many times before. The government has been holding off on paying certain suppliers and has issued T-bills to the next aides in hopes of keeping the money coming. The Greek political leaders have been battling over 11.5 billion euros that are essential to appeasing lenders and keeping the country afloat. It is not certain how this money will be treated at present. The Natural News admits that the financial crisis in Greece is almost at an explosive point that could send the country over the edge.

The Deputy Prime Minister of Greece says that the youth unemployment rate in the country is now at 50 percent and the government is announcing that it will have to stop paying salaries and pensions to thousands of workers in the near future. The country is facing what the prime minister calls “wild bankruptcy” and will now be able to keep pushing forward. The Prime Minister of the country is allegedly worried that Greece may fall to fascism by adopting Germany’s example after the financial devastation. Here in the states, press is comparing California’s financial troubles to Greece’s and calling the bankrupt state the Greece of America.

Back in February, citizens of Greece tried to rally peacefully to show their concern for the dwindling economy. Yet what happened in the moments after their assembly was haunting and dark. According to the Guardian the protestors were met with tear gas, and residents snapped. Buildings were lit on fire and windows were smashed when the riot broke out and stores were looted in the process. Bankruptcy can cause extreme chaos. If you need help with your bankruptcy, make sure that you have a bankruptcy attorney on your side to help. Find someone on our directory today and start your bankruptcy process to keep from falling into insurmountable debt.