Done Deal: Reuters Reports New Greek 3 Year "Adjustment Plan" Has Been Agreed On, Can Kicked For Another 3 Years
Just out from Reuters:
- According to a source, programme will involve new international funding to mid-2014, apportionment yet to be agreed
- According to a source senior Eurozone officials agree in principle on new 3-year adjustment plan for Greece
- According to a source private sector will participate in new Greek rescue plan, details still being worked out
- According to a source, private sector involvement will be limited to avoid a credit event
EUR jumps on the news. Congratulations Europe: you just screwed your taxpayers, but at least bought your insolvent banks 3 more years of bizarro world existence.
Senior euro zone officials have agreed in principle on a new three-year adjustment program for Greece to run until mid-2014 and involve increased external funding, a source close to the negotiations said on Thursday. The Economic and Financial The Details He
Committee (EFC) of deputy ministers and senior officials of the
17-nation currency zone approved the Greek program in principle in talks
in Vienna that ended after midnight, the source said.
second program for Greece, which will effectively supersede the 110
billion euro ($160 billion) bailout agreed in May 2010, will involve
some participation of private sector investors but limited to avoid
triggering a credit event, the source said.
of that involvement, and the apportionment of the additional official
international funding, remain to be worked out in time for a June 20
meeting of euro zone finance ministers, the source said.
declined to comment on figures but said the program would cover
Greece's funding needs on the assumption that it could not return to
private capital markets in 2011 or 2012. The original bailout envisaged
Athens raising 27 billion euros on the markets next year and 38 billion
Senior euro zone officials have agreed in principle on a new three-year adjustment program for Greece to run until mid-2014 and involve increased external funding, a source close to the negotiations said on Thursday.
The Economic and Financial
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