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February 4, 2010

Greece's First Problem Is Credibility

Michelle Metallidis, The National

AP Photo

A brief snapshot of Greek government spending, circa 2000: Greece’s navy orders four submarines from a German defence contractor. Ten years on, the completed submarines remained anchored in the German port of Kiel because Athens has not paid the $744 million bill. Why? As one analyst put it, Greece “can’t pay, won’t pay or has other priorities”.

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TAGGED: George Papandreou, Europe, Greece

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