Greece’s Economy Is a ‘Sinking Ship,’ Prime Minister Says in Asking for Aid

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Photo: Tatiana Bolari/AP

Calling Greece's economy a "sinking ship," Greek Prime Minister George Papandreou formally requested the E.U. and the IMF activate the unpopular 45 billion Euro ($60 billion) bailout in order to “allow us to rebuild our ship with strong and resilient materials.” The Economist, however, thinks the funds are just going to end up being the economic equivalent of a lifeboat.

Greece Calls for Activation of Financial Rescue Package [NYT]
An extreme necessity [Economist]