A Little Help Please: How Is Greece Going To Pay Back the Loans?
November 16, 2011 9:15 am
Greece is going to get another $100 billion or so to “help” with their economic malaise. As we are being told, this is to provide for essential services and funds to pay bond interest until the austerity measures kick in.
Supposedly, the bridge loans being supplied by the EuroZone members and the EFSF will be repaid. Really? With what funds?
(Bloomberg) — Toll road operators in Greece have been hit by mass toll-dodging as some Greek road-users join a civil disobedience campaign in response to their country’s economic crisis, FT reports. Hochtief AG, Vinci SA and Ferrovial SA are among several companies involved in Greek highway concessions that wrote a joint letter to new Greek Transport Minister Makis Voridis about Greek road-users refusing to pay tolls, which are administered by the government, on roads, FT reports.
Hochtief said it has seen “persistent mass toll-dodging” on two roads it built in Greece, resulting in “major shortfalls in income,” FT says. The companies invested 3 billion euros in the roads, and have received only 800 million euros in tolls, which have been cut by the government in response to protests, FT says.
So the question is: Where exactly is the revenue going to come from to pay back the loans? Or are these really gifts in disguise?