Financial Times
February 20, 2012
Although eurozone finance ministers were expected to sign off on €130bn in new bail-out funds for Greece on Monday night, the decision is not the end of the Greek drama.
Instead, it kicks off a month-long sprint to ensure all pieces are in place in time to avoid a default on a €14.5bn Greek bond that comes due on March 20.
Eurozone leaders must also quickly turn their attention to an equally contentious issue: whether to increase the size of their €500bn rescue system, a decision that must be taken at a summit in less than two weeks.
European officials hope a new Greek programme and an enlarged bail-out scheme will be in place for the International Monetary Fund meetings in April, where they want to convince non-European lenders to cough up additional resources so the IMF can better prevent eurozone instability from spreading.
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