Get out of euro before the crash!!!
http://www.reuters.com/article/2011/09/20/eurozone-idUSS1E78I1UH20110920
Greece considering referendum on euro zone membership)
* IMF says Greece must cut public sector
* Greece holds phone talks with EU/IMF troika, to resume Tuesday
* Euro, stocks slide on Greek fears, EU inaction, German vote
* Merkel seen weakened by regional poll defeat in Berlin
By George Georgiopoulos and Ingrid Melander
ATHENS, Sept 19 (Reuters) - International lenders told Greece on Monday it must shrink its public sector to avoid running out of money within weeks, as investors spooked by political setbacks in Europe dumped risky euro zone assets.
Adding to concerns, Standard & Poor's cut its ratings on Italy in a major surprise that threatened to stoke fears of contagion in the debt-stressed euro zone.
Greece is near a deal to continue receiving bailout funds, a Greek finance ministry official said after a conference call with lenders, though "some work still needs to be done."
U.S. stocks recovered some of their losses on the news.
Greek Finance Minister Evangelos Venizelos held what Greece termed "productive and substantive" talks by telephone with senior officials of the European Union and International Monetary Fund after promising as much austerity as necessary to win a vital next installment of aid.
The talks will resume on Tuesday evening after experts meet through the day. Earlier, the IMF's representative in Greece spelled out steps Athens must take to secure the 8 billion-euro loan it needs to pay salaries and pensions next month.
"The ball is in the Greek court. Implementation is of the essence," Bob Traa told an economic conference. For details, see
Additional savings measures were required to cut the public deficit to a sustainable level and reduce the public sector's claim on resources -- code for axing jobs and cutting pay and pensions -- while improving tax collection rather than adding further taxes, Traa said.
Venizelos said Greece would do what was needed to get more funds but would not be made a scapegoat by euro zone policymakers who had failed to tackle the region's debt woes.
