LOS ANGELES, CA (Catholic Online) - Greece is currently undergoing its worst post-war recession. To this end, Athens wishes to mitigate the terms of a 130-billion euro bailout that was agreed upon last March with the European Union and the International Monetary Fund.

The Greek GDP by the end of 2012 is expected to have shrunk by about a fifth in five consecutive years of recession since 2008. Greece has been hammered by tax hikes, spending cuts and wage reductions required by two EU/IMF bailouts. Adding to the crisis has been unemployment swelling to a record 22.6 percent in the first quarter.

"You had the Great Depression in the United States," Samaras told Clinton, who was visiting Greece as part of a delegation of Greek-American businessmen. "This is exactly what we're going through in Greece - it's our version of the Great Depression."

Under current agreements, Athens must reduce its budget deficit below three percent of GDP by the end of 2014, from 9.3 percent of GDP in 2011. This will require almost another 12 billion euros in cuts and higher taxes on top of the 17 billion successive governments have cut from the budget shortfall.

Greece will request that its lenders to give it two more years in order to achieve the budget goal to avoid an even more drastic economic slump. The lenders have opposed the idea because it would imply even more financial aid.

The German magazine Der Spiegel cited high-ranking representatives in Brussels, that the IMF may not take part in any additional financing for Greece.

The German and Greek finance ministries declined to comment on the report, which suggested additional support required for Athens could range from 10-50 billion euros.

Many European officials remain skeptical about Greece's sincerity to live up to previous agreements. German economy minister Philipp Roesler told ARD public television he did not expect Greece could fulfill its requirements and that that would mean no more money to Athens.

"I am more than skeptical," Roesler, who is the head of the junior party in Germany's ruling coalition and often outspoken on euro zone issues, said in an interview.

"If Greece does not fulfill its requirements, there cannot be any more payments to Greece," Roesler said. His viewpoints often do not reflect those of Chancellor Angela Merkel or Finance Minister Wolfgang Schaeuble.

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