Tuesday, April 27, 2010

New Patch Job for Greece?

This one might buy Greece a week, if they are lucky. FT has the details,
The International Monetary Fund is looking at raising its share of Greece’s financial rescue package by €10bn ($13.2bn) amid fears that the planned €45bn bail-out will fail to prevent the country’s debt crisis from spiralling out of control...Investors and policy specialists said that expectations of the size of the three-year package in Washington policy circles had increased to at least €70bn. The EU has so far proposed to provide €30bn and the IMF €15bn...

Jean-Claude Trichet, European Central Bank president, said a Greek default was “out of the question.” European Commission officials said debt restructuring was not under consideration in the talks in Athens between the Greek government, EU authorities and the IMF. EU officials expect eurozone governments will give final approval to their aid package in early May.

1 comment:

  1. Where do these numbers come from? If they won't balance their budget, how can any amount be enough?