Bloomberg
May 23, 2011
Greece faces European pressure to sell 15 billion euros ($21 billion) of state assets by the end of 2012, a year ahead of schedule, in order to win a new three- year loan package, a person familiar with the talks said.
Greece would also need to outline new deficit cuts to persuade European governments and the International Monetary Fund to offer loans on top of last year’s 110 billion-euro package, said the person, who declined to be identified because the negotiations are in progress.
Greek 10-year bond yields rose to a euro-era high today and the cost of default insurance hit a record, dramatizing the need for follow-up aid. Greek Prime Minister George Papandreou’s Cabinet today began outlining a fifth austerity package since last year’s European-led rescue made Greece the first of three countries to tap official aid to escape default.
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