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Greece on the brink of default despite approved austerity

 
waht
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11/12/2012 06:07 PM
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Greece on the brink of default despite approved austerity
Greece’s default clock is ticking louder than ever as the country struggles to raise funds for a €5bn debt repayment by the end of this week. Meanwhile international lenders are failing to agree on how to reduce Athens’ debt.
On Friday the country must repay 5bln euro of maturing short-term bonds held by the European Central Bank, but without its next 31bln euro tranche it's not clear how this issue will be fixed. The government has already said it will run out of cash on Friday, if it doesn’t get the bailout money.
Initially Greece’s debt management office planed to raise the 5bln euro through a Treasury bill auction on Tuesday. But Greek banks expected to buy the issue can only provide as much as 3.5bln euro of collateral acceptable to the ECB, while Brussels refuses to give Greek banks permission to buy more debt.

[link to rt.com]
Anonymous Coward
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11/12/2012 06:09 PM
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Re: Greece on the brink of default despite approved austerity
Greece’s default clock is ticking louder than ever as the country struggles to raise funds for a €5bn debt repayment by the end of this week. Meanwhile international lenders are failing to agree on how to reduce Athens’ debt.
On Friday the country must repay 5bln euro of maturing short-term bonds held by the European Central Bank, but without its next 31bln euro tranche it's not clear how this issue will be fixed. The government has already said it will run out of cash on Friday, if it doesn’t get the bailout money.
Initially Greece’s debt management office planed to raise the 5bln euro through a Treasury bill auction on Tuesday. But Greek banks expected to buy the issue can only provide as much as 3.5bln euro of collateral acceptable to the ECB, while Brussels refuses to give Greek banks permission to buy more debt.

[link to rt.com]
 Quoting: waht


My prediction: Greece defaults before Turkey day!
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11/12/2012 06:32 PM
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Re: Greece on the brink of default despite approved austerity
greece is like a baby who refuses to be born...love the comfort of the mother's womb too much...get everything it needs without putting any effort... instead of declaring itself free from the troika's grip.
Anonymous Coward
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11/12/2012 06:36 PM
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Re: Greece on the brink of default despite approved austerity
default already , sick of hearing about you , b@stards!
rant

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