Greece under pressure from EU

The Greek debt crises may be spiraling out of control according to Arthur Beasly and this crises may effect the Irish debt crises.

EU authorities are struggling to contain the worsening financial crisis as Greece is loosing the "confidence of it EU-IMF bailout sponsors". The EU-IMF backers are looking for deeper cuts in the Greek economy and a faster 50 billion privatization program with little enforcement by the Greek government. The lack of execution of the terms set by the EU-IMF by the Greek government is due to the "lack of an advanced land registry in the country, leading to legal uncertainty over the ownership of many public assets".The troika wants the Greek government and opposition to agree on a fixed timetable for the execution of stringent policy measures in return for this aid, but consensus has proved elusive.

The problems in Greece has the potential to affect the countries who are already under pressure under the IMF-EU. It holds the possibilities that the Irish government may be swept off its current course of action as the EU-IMF may become more severe in trying to deal with the economic crises in Europe. Ireland though seems to be on course in dealing with its crises as new banking stress tests have not "thrown up any fresh capital requirements for Anglo Irish Bank or Irish Nationwide Building Society beyond the €34.7 billion already pumped into the two institutions."