Greek debt crisis: Cash-strapped country runs out of money to pay public sector workers

GREECE’s public sector employees and suppliers have not been paid amid further signs the cash-strapped country’s bankruptcy is imminent.

As the country’s need for a bailout loan reaches crisis point, workers and business reliant on government funding have been left in a state of panic and confusion.

“We are now running one month behind on our salaries. Until only recently we were two months behind, and no-one would tell us if and when we would get our next pay cheque,” one employee at an institution funded by the government told the BBC. Continue reading

Portugal and Greece are now vying to be this week’s crisis in Europe

Update (3:26 PM ET): Portugal’s governing coalition today saw its second major loss in two days, as Paulo Portas, the foreign minister and leader of the Democratic and Social Center-People’s Party (CDS-PP), tendered his resignation.

Meanwhile, EU authorities have given Greece three days to deliver on promises it’s made to the troika—the group composed of the International Monetary Fund (IMF), the European Central Bank, and representatives of European countries, which is monitoring the euro debt crisis.

Clearly, Greece and Portugal are fighting to be the most scary country in the euro this week. Continue reading