1. The Debt Situation in Greece
... apparent that the program implementation was lagging behind schedule. To date, more than 20% of deposits have been lost since the beginning of the crisis in early 2010. Bank's access to international capital markets has also been shut off. At this present time, they rely fully on the ECB's funding ... to avoid a declaration of bankruptcy. But it was just an emergency assistance and it was obvious that Greece would need more money. That's is why in 2010 the European member states also founded a temporary institution called the European Financial Stability Facility (EFSF). The second bailo...
- Word Count: 1464
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