The agreement on Greece will not happen today - February 16, 2012
The future of Greece and the euro area remains unresolved. Ministers of Economy and Finance of the euro area last night decided to shift a crucial meeting in Athens. The summit of the Eurogroup, originally scheduled for Brussels on Wednesday to approve the bailout, has indeed been canceled and replaced by a simple conference call. The decision was postponed until Monday. The release of a loan of EUR 130 billion, the country needed to avoid bankruptcy, was thereby effectively shifted.
In question, as the leader of Finance Ministers of the euro zone Jean-Claude Juncker, the need for "new technical work between Greece and the troika" and that "in several areas particularly to fill the budget hole 325 million euros in 2012 and for the analysis of debt sustainability. " But corroborating sources, the discussion achopperait on the level of participation of the European Central Bank in the operation of debt relief from Athens, to supplement the efforts of private creditors no fax pay day loan.
And soon after these announcements, the euro has won against the dollar and the euro was trading at 1.3134 dollars against 1.3191 dollars last night the night before. In fact, even though members of the eurozone believe that a Greek default is not an option, the risk seems increasingly tangible. Thomas Costerg, economist for Standard Chartered Bank says that "the time to pay the March deadline are already very tight and does not give any leeway possible for a further postponement. The whole question is whether we have reached the point of no return in Greece. I do not think this is the case but we are getting dangerously close. "
Yet, the European Commissioner for Economic Affairs Olli Rehn reiterated yesterday that default Greek would have "devastating consequences" not only for Athens but for all of Europe.
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