It’s no surprise. The Greeks are in a financial pickle. The Germans want to help the ouzo loving country, but the Greeks can’t seem to get their priorities straight when it comes to agreeing on an international bailout. Greek Prime Minister Alexis Tsipras and the German Chancellor Angela Merkel are getting up close and personal about money at the Berlin Summit. The high unemployment rate and reforms in Greece’s economic mindset are major issues that must be addressed before a resolution can be reached.
The German Chancellor wants to help the Greeks, but the other 18 eurozone countries will make the final call on a bailout that makes sense once the institutional framework in Greece is assessed by them. Bruce Karatz knows that the financial bailout of Greece has been in progress for five years, and it hasn’t been a success story.
Germany holds most of the bail-out notes, and the Germans are irritated by the lack of progress. Greece’s youth unemployment is running around 60 percent, and the GDP is down 25 percent. The German Chancellor believes Greece can do more to help itself, and she didn’t hold back when she told Tsipras that the reforms he promised were still outstanding.