Reuters
February 6, 2012
Euro zone countries are trying to finalize a second Greek rescue package by the start of March to save the country from default despite repeated delays in decision-making by Athens, EU officials said on Monday.
Europe's policymakers want the EU/IMF aid deal to be nailed down quickly and are frustrated with Greece's political leaders who on Monday said they needed yet another day to consider the package's painful conditions.
EU officials have set a timetable to approve the 130 billion euros in aid in early March, around the time of a summit of EU leaders and shortly after the expected completion of a bond swap with Greece's private creditors.
The timing is tight and delays have already occurred. A meeting of euro zone finance ministers to start technical preparations was expected on Monday, but is now not likely to happen until later this week, depending on when long-delayed decisions are taken in Athens.
That pushes back the preparatory work, including a formal request that must be made to countries to pledge guarantees to the EFSF, the rescue fund that will be used to help Greece. Officials expect all preparations and the execution of the bond swap with creditors to last at least three weeks.
"There's no time left to get a comprehensive package ready by the next Eurogroup meeting, so essentially the deadline is going to have to be the leaders' summit on March 1," one EU diplomat said.
More
No comments:
Post a Comment