Greece Scrambles For Bank Loans To Avert Energy Meltdown
From Reuters
Greek energy companies are seeking emergency bank loans to pay suppliers and avert widespread power and gas cuts during the vital tourist season, industry sources told Reuters on Friday.
A vicious cycle of shrinking power demand, bad debts and flawed regulation has created a 350 million euro hole in the finances of Greece’s energy system, which depends heavily on imported electricity and gas.
