By Andrew Gilligan: AthensSpeaking exclusively to The Sunday Telegraph, Theodoros Pangalos said he was "very much afraid of what is going to happen" after Greek voters rejected the deal in elections last Sunday.
"The majority of the people voted for a very strange mental construction,"
he said. "We want to be in the EU and the euro, but we don't want to
pay anything for the past."
The main beneficiary of the election, the hard-Left Syriza coalition, came a
startling second on a promise to tear up the deal, which promises EU loans
to keep massively-indebted Greece afloat, but demands crippling spending
cuts in return. Germany, the principal lender, has said it will stop
payments if Greece breaks its promises on spending.
Mr Pangalos warned: "There is a school of thought that says the Germans
are bluffing. They need Greece and will never throw us out of the eurozone.
But what will happen, which is almost certain, is they will not give us the
money to pay our debts.
"We will be in wild bankruptcy, out-of-control bankruptcy. The state will
not be able to pay salaries and pensions. This is not recognised by the
citizens. We have got until June before we run out of money...Read here...
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