Bloomberg quotes Global Business and Economics Program Director Andrea Montanino on Greece’s precarious political and financial situation after its bailout program expired:
About a third of the nation’s depleted banks cracked open their doors after being closed for three days. But all they did was ration pension payments, hours after the country became the first advanced economy to miss a payment to the International Monetary Fund and its bailout program expired.
While Greek retirees receive a fraction of what they’re due, European officials resume efforts to prevent the economy from cratering after more than five years of crisis-fighting. Finance ministers weigh a new aid bid from Prime Minister Alexis Tsipras and European Central Bank policy makers discuss whether to maintain their emergency lifeline.
“People are just completely fed up,” said Andrea Montanino, a former IMF Executive Board Member who now heads the Global Economics Program at the Atlantic Council in Washington.